Equities trading at the Nigerian Exchange Limited witnessed a positive trajectory on Wednesday, driven by investors’ bullish sentiment, particularly selecting medium- and large-cap stocks with strong fundamentals.
The local bourse bounced back from previous session losses as the All Share Index (ASI) surged 0.34 percent to close at 71,284.56 basis points.
Basically, renewed investor interest in Seplat Energies, Nestle Nigeria, and Transnational Corporations pushed the broader index into positive territory as these highly capitalised stocks appreciated in value by 10.0 percent, 9.52 percent, and 1.34 percent, respectively.
Consequently, the month-to-date and year-to-date returns increased to +3.0 percent and +39.1 percent, respectively.
Given the bullish outing, equities investors earned N132.45 billion cumulatively as the market capitalization settled at N39.01 trillion at the end of trading activities on Wednesday.
As measured by market breadth, market sentiment was negative, with 38 tickers lost relative to 20 gainers. On the performance board, Guinea Insurance and Omatek Ventures topped the losers’ list after their respective share prices dipped by 10.0 percent and 9.9 percent, while Seplat Energies and Meyer recorded the highest gains of the day, having appreciated in share value respectively by 10.0 percent and 9.8 percent.
Performance across the sectors was largely bullish, as four out of the five sectors tracked closed in the green zone.
The Insurance, Consumer Goods, Oil/Gas, and Industrial Goods indexes recorded significant advancements, rising by 1.17 percent, 0.89 percent, 6.06 percent, and 0.01 percent, respectively. Conversely, the banking sector emerged as the only laggard for the day, declining by 0.56 percent.
Meanwhile, trading activity mellowed as total deals and volume experienced declines of 19.14 percent and 32.55 percent, amounting to 6,579 deals and 360.60 million units. However, the total value for the day increased by 17.64 percent to N6.61 billion.
At the close of the trading session, Guaranty Trust Holding Company was the most traded security in terms of volume and value, with 56.91 million units worth N2.19 billion traded, changing hands in 261 deals.
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