The Nigerian stock market rebounded on Wednesday after losing N152 billion on Tuesday to post a N507 billion gain.
The market capitalisation of listed equities rose by 0.80% from N63.051 trillion on Tuesday to close at N63.559 trillion.
The All-Share Index rose by 832 points to close at 104,230.73 from 103,398.82 reported on Tuesday. Consequently, the Year-To-Date (YTD) return improved to 0.127%.
The positive close was driven by buying interests MTN Nigeria and FBN Holdings as MTN Nigeria added N20 to close at N220 while FBN Holdings closed at N49.50 per share.
Transnational Corporation, Dangote Sugar and Nigerian Breweries also closed in the green.
Despite the overall gains, the market breadth closed slightly negative with 28 losers compared to 27 gainers. Sunu Assurances led the losers, dropping N1 to close at N9.01, followed by Universal Insurance, which fell by 7k to 71k per share.
Activity rose by 31.99% on Wednesday when compared to Tuesday as investors exchanged a total of 756.42 million shares valued at N24.69 billion in 13,551 deals.
FBN Holdings remained the most actively traded stock in terms of volume with 125.71 million shares traded.
Otedola owned Geregu Power led in value with transactions estimated at N11.39 billion.
The rebound showed renewed investor confidence in key sectors with analysts attributing the gains to strong performance by blue-chip stocks and sustained buying interest.
