THE equities market rebounded at the end of trading activities on Wednesday as the All Share Index (ASI) expanded 15 basis points to close at 35,358.6 points, while the market capitalisation closed higher at N12.292 trillion, representing 0.15 per cent increase.
The appreciation in the market indicators is attributable to gains from the Banking sector especially from Zenith Bank which increased by 1.6 per cent, United Bank of Africa, whose stocks appreciated by 2.4 per cent and Stanbic IBTC’s at 1.2 per cent.
The best performing stocks were C&I Leasing at 9.5 per cent, Nascon at five per cent and Vitafoam at 4.8 per cent, while the worst performers were MRS Oil at -5.0 per cent, Continental Insurance at -4.7 per cent and Learn Africa at -3.8 per cent.
Activities in the market lessened in both trade volume and trade value by 72.56 per cent and 53.02 per cent respectively as the former closed at almost 3 billion and the latter at an estimated 174 million.
Aside from the static behaviour of the NSE Industry and the NSE ASEM indices and the declined daily percentage change of the insurance sector, all other sector indices record positive movements from previous trading levels.
However, growth of the Nigerian stock market is expected as public awareness of the market’s potential garners momentum and the investment culture is expected to build.
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