The Nigerian Stock Exchange’s (NSE) key market indices on Wednesday appreciated further by 0.18 per cent due to sustained bargain hunting.
Consequently, the NSE All-Share Index rose by 46.05 points or 0.18 per cent to close at 25,460.00 compared with 25,413.95 recorded on Tuesday.
Accordingly, Month-to-Date gain increased to 0.5 per cent, while Year-to-Date loss moderated to -5.2 per cent.
Similarly, the market capitalisation which opened at N13.258 trillion increased by N24 billion or 0.18 per cent to close at N13.282 trillion.
The upturn was impacted by gains recorded in large and medium capitalised stocks, among which are: Stanbic IBTC, Nigerian Breweries, Guinness, Flour Mills and Zenith Bank.
Analysts at Afrinvest Ltd said, “We expect the soft gains to be sustained for the rest of the week on the back of improved investor appetite.”
Market sentiment was positive with 18 gainers in contrast with 11 losers.
Cornerstone Insurance dominated the gainers’ chart in percentage terms, gaining 8.33 per cent to close at 65k per share.
Union Diagnostic trailed with a growth of eight per cent to close at 27k, while Regency rose by 4.35 per cent to close at 24k per share.
Sterling Bank garnered 4.17 per cent to close at N1.25, while Transcorp appreciated by 3.51 per cent to close at 59k per share.
Conversely, Academy Press and Initiates led the losers’ chart in percentage terms, dropping by 10 per cent each to close at 27k and 63k per share, respectively.
AXA Mansard Insurance followed with a loss of 9.24 per cent to close at N1.67 per share.
UACN Property Development dipped 8.70 per cent to close at 84k, while GlaxoSmithKline shed 4.90 per cent to close at N4.85 per share.
In spite of the growth in market indices, the volume of shares transacted closed lower with an exchange of 181.32 million shares worth N1.12 billion in 3,408 deals.
This is against a turnover of 1.07 billion shares valued at N2.10 billion achieved in 3,221 deals on Tuesday.
Transactions in the shares of Transcorp topped the activity chart with 26.79 million shares worth N15.38 million.
Regency Alliance followed with 20.31 million shares valued at N4.57 million, while United Bank for Africa accounted for 13.29 million shares worth N86.21 million.
Zenith Bank traded 13.05 million shares valued at N220.67 million, while Royal Exchange transacted 8.75 million shares worth N2.85 million.