Local bourse lifts bears with 0.02 per cent marginal growth

The local bourse index advanced marginally by 0.02 per cent to close at 38,774.03 basis points amid renewed bullish activity at the end of Wednesday’s trade.

The positive sentiments are attributed to late interest in MTN Nigeria and Nestle Nigeria whose shares value increased by 1.1 per cent and 3.3 per cent respectively, cancelling out the effects of the sell-offs on tier 1 banks, Zenith Bank and Guaranty Trust Bank whose shares declined by 4.1 per cent and 3.3 per cent respectively.

Consequently, the Month-to-Date and Year-to-Date losses moderated to -0.7 per cent and -3.7 per cent, respectively.
As measured by market breadth, market sentiment remained negative as 27 tickers declined relative to 10 gainers.

On the performance chart, Sterling Bank and Pharmdeko topped the losers’ list with a 9.5 per cent respective decline in share value, while Jaiz Bank and Royal Exchange recorded the most significant gains of the day with ten per cent and 8.3 per cent respective shares increase.

Sectoral performance was also weak as the remaining four indices tracked closed southwards; the NSE Banking, the NSE Insurance, NSE Oil/Gas and the NSE Industrial indices fell by 3.12 per cent, 1.71 per cent, 0.28 per cent and 0.66 per cent respectively.

Meanwhile, trading activity was upbeat as total deals, volume and value of stocks traded rose by 31.12 per cent, 58.71 per cent and 95.63 per cent to 6,130 deals, 0.35 billion units and N4.1 billion respectively.

Zenith Bank was the most traded stock by volume and value at 55.03 million units and N1.16 trillion, respectively.

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Local bourse lifts bears with 0.02 per cent marginal growth