The Nigerian equities market halts bearish stance after recording three consecutive bearish days as a major market indicator, All Share Index (ASI) inch up by 1.68 per cent to close at 34,818.01 basis points on Wednesday.
Consequently the Month-to-Date and Year-to-Date gains increased to 14 per cent and 29.7 per cent, respectively, just as the market capitalisation added N300.55 billion to close at N18.194 trillion.
Equities market sentiment, as measured by market breadth, was also positive, as 38 tickers gained, relative to eight losers with Linkage Assurance and Sterling Bank leading the gainers’ list after advancing by ten per cent respectively, while Cornerstone Insurance and Regal Insurance ORNERST (-8.6%) and REGALINS (-8.3%) recorded the largest losses of the day after losing 8.6 per cent and 8.3 per cent from their respective shares.
The sectoral performance was broadly positive, as gains in the Consumer Goods, Industrial Goods and Banking indices, masked declines in the Insurance and Oil and Gas indices.
The volume of trades dwindled by 93.94 per cent after recording 661 million units as against 9.36 bn units in the previous trading session.
Value of trades likewise went southward by 30.97 per cent, standing at N8.29 billion from a value of N12.02 billion recorded in the previous trading session.
Zenith Bank, Guaranty Trust Bank, Zenith Bank, Access Bank and FBN Holdings were the top five performers in terms of volume of units traded, while Guaranty Trust Bank, Zenith Bank, Access Bank, Nestle and Wapco made up the top five performers in terms of the value of trade.
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