THE Nigerian Equities market reversed into the green zone
on Wednesday with added 40 basis points to the All Share Index (ASI), leaving the Year-to-Date return at 41.15 per cent.
Also, market capitalisation similarly went up to N13.19 trillion from N13.04 Market breadth closed marginally in favour of the bull with a count of 23 gainers as against 22 losers.
With the exception of Banking and ASEM sectors, all other sector performance indices closed in the green zone.
Champion Breweries, Linkage Assurance, Seplat, NAHCO and Learn Africa top the gainer’s chart while Flour Mills top the loser’s chart with 4.99 per cent followed by PZ (4.98 per cent), Glaxosmithkline Nigeria (4.97 per cent), May & Baker 4.86 per cent and Livestock Feeds at 4.65 per cent.
Sterling Bank, Guaranty Trust Bank, Diamond Bank, United Bank for Africa and Fidelity Bank were the top traded stocks in terms of volume while Guaranty Trust Bank, Dangote Cement, Nestle Nigeria, Nigerian Breweries and Zenith Bank occupied the top five slots on the value-based charts.
Despite the positive All Share Index (ASI) change, trade volume dropped from the previous level by 68 per cent to close at N208 million while trade value also decreased by 37.58 per cent to close at N3.39 billion.
Wednesday trading suggests a mild correction from the previous trading session.
Equities watchers at APT Securities maintained their previous opinion of a negative Santa rally as a result of shrinking investment inflow especially in this last month of the year.
They, however, believed that there was no cause for alarm as the New Year is set to deliver a robust transformation in major industries.