Stock Market Records Slight Gain on Wednesday

• Stock Market Records Slight Gain on Wednesday

The Nigerian Stock Exchange market rebounded on Wednesday to record a slight gain despite four sectors closing in the red.

The market capitalisation of listed equities increased from N11.462 trillion on Tuesday to N11.515 trillion on Wednesday. Representing a gain of N53 billion.

A total of 376.261 million shares valued at N2.986 billion were traded in 3,405 transactions.

The gauge of the market, All Share Index, gained 0.01 per cent to settle at 30,878.56 basis points. Bringing the index year-to-date loss to 1.8 per cent.

The top traded stocks by volume were Access Bank Plc (155.8 million units), United Bank for Africa Plc (62.1 million units) and First City Monument Bank Plc (32.6 million units), while the top traded stocks by value were Access Bank (N875.2m), Zenith Bank Plc and (N678.8m) and UBA (N450.8m).

The banking index was the lone gainer, advancing by 1.6 per cent following gains in Guaranty Trust Bank Plc, Zenith Bank and Fidelity Bank Plc.

On the flip side, the insurance index was the biggest loser, down by 0.2 per cent.

The oil and gas index declined by 0.1 per cent as a result of profit taking activities in Forte Oil Plc.

The industrial and consumer goods indices declined by 0.04 per cent and 0.01 per cent, respectively, as price depreciation in Lafarge Africa Plc, Dangote Flour Mills Plc and Honeywell Flour Mill Plc weighed on the indices.

Investor sentiment declined from 2.6x to 2.1x.

Analysts at Afrinvest Securities Limited said, “We believe the local bourse may continue to witness buying interest in subsequent sessions as some investors take advantage of the cheap valuation of fundamentally good stocks.

“Nevertheless, we do not rule out the possibility of speculative trading buoying performance in the near term.”