Negative sentiments subside as the Nigerian equities market halts a two day losing streak to gain marginally on Wednesday.
The All Share Index (ASI) of the Nigerian Stock Exchange (NSE) closed the trading session at 24,130.26, representing a 0.06 per cent gain from the previous trading session. Thus the Year-to-Date (YtD) Return stood at -10.10 per cent, while market capitalisation was pegged at N12.588 trillion.
However, All Sectoral Indices recorded mixed performance as market breadth continued to close in favour of the bears; with 12 stocks closing in the green against 14 losers.
On the performance chart, Sunu Assurance, CUTIX, Dangote Sugar, Mutual Benefit and Airtel Africa led the gainers chart, while at the rear of the chart, Julius Berger, Nigerian Breweries, Linkage Assurance, Wapic Insurance and Caverton led the chart.
A total of 208 million shares were traded, which is relatively similar to the volume traded the previous trading session, as value of those traded shares stood at N1.762 billion, a 66.37 per cent gain from a previous value of N1.058 billion.
On the activity chart, Sterling Bank, United Bank for Africa, Zenith Bank, FBN Holdings and FCMB ended the trading day as top performers in terms of volume while MTN Nigeria, Zenith Bank, Nestle Nigeria, Airtel Africa and Guaranty Trust Bank made up the top five performers in terms of the value of units traded.
Analysts at APT Securities maintained opinion on a bearish outlook. “We therefore advise for a mid to long term positioning as market technicals suggest there is further room for stocks to decline in the short-term.”
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