The Nigerian equities market reversed its two-day consecutive decline to close bullish on Wednesday, as buying interest in MTN Nigeria (+0.2%) drove the All-Share Index (ASI) higher by 0.1 per cent to close at 47,364.46 basis points.
Specifically, interest in MTNN was the primary driver of the session’s gain as the high cap stock appreciated by 0.24 per cent. Also, gains in FBN Holding, Stanbic and United Bank for Africa complemented the overall growth of the local bourse as their respective share values added 1.29 per cent, 0.87 per cent and 0.59 per cent.
Consequently, the Month-to-Date return of the ASI settled at -0.1 per cent, while the Year-to-Date return increased to +10.9 per cent.
Thus, Investors at the Nigerian Exchange Limited (NGX) earned N12.72 billion as the market capitalisation ended the day at N25.53 trillion.
Further analysis according to data from the NGX indicated that, as measured by market breadth, market sentiment was positive on Wednesday as 18 tickers gained relative to 15 losers.
On the performance chart, NPF Microfinance Bank and PZ recorded the highest gains of the day having appreciated in stock value by 10.0 per cent and 9.8 per cent, while Royal Exchange and Livestock topped the losers’ list as their share value depreciated by 9.7 per cent apiece.
Despite the renewed bullish sentiment, most
of the sub-sector indices moved in different directions, while the NGX Insurance and the NGX Consumer Goods indices rose by 1.24 per cent and 0.19 per cent respectively, the NGX Oil/Gas and the NGX Industrial indices were unchanged. However, the NGX Banking index fell 0.59 per cent.
Meanwhile, market activity was mixed as the value of stocks traded rose by 2.43 per cent to 2.54 billion. However, the volume of stock traded fell by 20.42 per cent to 145.83 million.
UBA for the second consecutive session, led the volume chart with 14.76 million units traded, while MTN Nigeria led the value chart in deals worth N458.93 million.
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