THE Nigerian Equities market rebound from Tuesday’s 0.52 per cent loss at 36,600.07 points with a 0.02 per cent gain on Wednesday, closing at 36,608.76 points.
Market capitalization similarly closed higher at N12.75 trillion, however market breadth closed in favour of the bears with a count of 23 losers as against 17 gainers.
All sectoral indices closed positively aside the Industrial and ASEM that maintained their previous closes,
Following the previous trading session, trade volume and trade value both increased on their previous levels of 257 million shares valued at N3.29 billion to close at 331 million shares valued at N5.56 billion by the end of trading activities on Wednesday.
Wema bank stocks were the toast of investors as it recorded the highest activity in the equities market in terms of the value of trades to the sound of N1.16 billion.
On the volume-based ranking, United Bank for Africa came lead, followed by Conoil, Sterling Bank, UACN and ETI.
As predicted by analysts, following the announcement of the MSCI’s decision to retain Nigerian equities in the Frontier Markets Indexes, and the changes made to the composition, investors continued to react to this news in the near term.
Given that the year is drawing to a close, Meristem analysts expect portfolio rebalancing to cause a rally on stocks with strong fundamentals, this market probably closing positively.
and then