The Nigerian equities market posted the biggest single day gain in three months as the benchmark index inched up 1.25 per cent to close at 48,138.71 basis points.
At the Nigerian Exchange Limited (NGX) on Wednesday, bulls held sway as positive outing extended into second trading session of the week, due to impressive outing by such high cap stocks such as Seplat, Airtel Africa, Dangote Cement and Nigerian Breweries.
With the positive trade, the month-to-date and year-to-date performance of the All-Share Index (ASI) settled at 2.50 per cent and 12.69 per cent respectively.
Thus, equities investors gained N339 billion also as the equities market capitalization settled at N25.632 trillion.
Market breadth closed in favour of the bulls, with 28 counters in the gainers’ chart pitted against 21 counters in the losers’ chart.
On the chart, Japaul Gold and Eternal Oil gained 10 per cent apices to become the best performing stocks in the session, followed by Guinness, Meyer and Wapic Insurance as they populated the top five gainers’ chart.
From the rear of the chart Union, CWG, John Holt, Regal Insurance and Sunu Assurance populated the top five losers’ chart.
Most sectorial indices closed in the same direction with the ASI, with NGX Oil & Gas sector gaining the most weight, while NGX Growth and NGX ASEM sectors closed flat.
Market activity as measured by both volume and value of trades shed weight at the end of the trading session as the daily traded volume stood at 349.561 million units, representing a 4.35 per cent drop from a volume of 365.454 million units traded in the previous session.
Value of those traded stocks waned by 47.94 per cent in the session to stand at N3.699 billion as against a value of N7.106 billion recorded in the previous trading session.
Market activity for the session was dominated by the financial sector, with Universal Insurance being the most traded stock, as it is flanked by Zenith Bank, Fidelity Bank, United Bank for Africa, and Mutual Benefit.
With regards to the value of traded stocks, MTN Nigeria, Zenith Bank, Seplat, Airtel Africa and Nigerian Breweries made up the top five performers.
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