The Nigerian equities market sustained positive momentum on Wednesday with the market capitalisation growing by N84 billion, following improved first quarter earnings.
Capital market analysts attributed the growth to first quarter results released by Zenith International Bank, Access Bank and Guaranty Trust Bank.
They said that news of the positive earnings by the three lenders stirred investors sentiment in the market.
Consequently, the market capitalisation which opened at N11.172 trillion rose by N84 billion or 0.76 per cent to close at N11.257 trillion.
Also, the All Share Index (ASI) gained 224.65 absolute points, representing a growth of 0.76 per cent to close at 29,970.86 compared with 29,746.24 recorded on Tuesday.
The bullish performance can be attributed to gains in Nestle Nigeria, Dangote Cement, Nigerian Breweries, Access Bank and Dangote Flour Mills.
Analysts at Afrinvest Limited however said: “The relatively weak investor sentiment portends that the last trading session of the week may be dominated by profit taking activities especially in bellwethers that had recorded gains in previous sessions.”
Market breadth slightly closed negative, with 16 gainers against 17 losers.
Access Bank recorded the highest price gain of 9.92 per cent, to close at N6.65 per share.
Chams gained 9.09 per cent to close at 36k, while First Aluminium appreciated by 8.57 per cent to close at 38k per share.
AG Leventis & Company went up by 7.69 per cent to close at 28k, while Nestle appreciated by 5.31 per cent to close at N1,580 per share.
On the other hand, Trans-Nationwide Express led the losers’ chart by 9.76 per cent, to close at 74k per share.
UACN Property followed with a decline of 9.64 per cent to close at N1.50, while Associated Bus Company shed 8.33 per cent to close at 33k per share.
Learn Africa depreciated by 8.22 per cent each to close at N1.34, while Wema Bank declined by 5.56 per cent to close at 68k per share.
However, the total volume of shares traded declined by 32.8 per cent with an exchange of 216.01 million shares worth N3.23 billion traded in 4,025 deals.
This was in contrast with a turnover of 321.36 million shares valued at N4.66 billion achieved in 2,971 deals on Tuesday.
Transactions in the shares of Access Bank topped the activity chart with 39.24 million shares worth N259 million.
United Bank for Africa (UBA) followed with 24.19 million shares valued at N156.94 million, while Lasaco Assurance traded 20.84 million shares worth N6.25 million.
Zenith Bank traded 16.31 million shares valued at N342.54 million, while FCMB Group transacted 10.89 million shares worth N20.6 million.