NGX rebounds as capitalisation gains N346bn

Trading on the Nigerian Exchange Ltd. rebounded on Wednesday with market capitalisation inching higher by N346 billion to close at N28.352 trillion, compared with N28.006 trillion on Tuesday.

Also, the All-Share Index (ASI), which opened at 51,949.64 rose by 641.77 points or 1.24 per cent to close at 52,591.41 on Wednesday, the largest single day gain since May 11.

The Year-to-Date (YTD) return rose to 23.12 per cent.

Analysts at Vetiva Dealings and Brokage said, “With the Monetary Policy rate hike and profit taking activities, the market closed today’s session with sell-offs across all sectors except for the telecoms sector, where demand in the dual-listed stock AIRTELAFRI improved market performance.

“We are likely to see another bearish close as negative sentiments filter into tomorrow’s trading session.”

Market breadth closed negative as 39 stocks declined while 10 advanced.

Chams Plc topped the gainers’ chart, gaining 9.52 per cent to close at 23k per share.

Airtel Africa followed with 9.39 per cent to close at N1,608, while FTNCocoa added by 6.06 per cent to close at 35k per share.

Veritas Kapital Assurance rose by 4.76 per cent to close at 22k, while Royal Exchange Assurance increased by 3.64 per cent to close at N1.14 per share.

On the other hand, McNichols Consolidated and Champion were up on the losers’ chart, dropping by 10 per cent each to close at N1.98 and N3.42 per share respectively.

PZ also lost by 9.92 per cent to close at N11.35, while Regent Alliance Insurance dipped by 9.68 per cent to close at 28k per share.

NEM Insurance lost 9.25 per cent to close at N3.63.

UACN maintained its leadership as the most active stock, exchanging 48.19 million shares valued at N618.64 million.

United Bank for Africa (UBA) followed with 31.85 million shares worth N250.52 million, while AccessCorp traded 30.69 million shares valued at N300.77 million.

First Bank of Nigeria Holdings (FBNH) sold 30.62 million shares worth N327.32 million, while Transcorp exchanged 27.33 million shares valued at N32.35 million.

In all, investors bought and sold 382.46 million shares worth N4.23 billion in 5,999 deals.

This was in contrast with 720.19 million shares valued at N8.87 billion exchanged in 6,096 deals on Tuesday.