Equities Market Rebounds Slightly on Wednesday

market trend
  • Equities Market Rebounds Slightly on Wednesday

The Nigerian Stock Exchange closed positive on Wednesday following weeks of bearish trends.

The NSE All-Share Index gained 0.12 percent to close at 29,202.54 basis points, while the market capitalisation of equities increased slightly from N10.952 trillion on Tuesday to N10.965 trillion on Wednesday. Representing an increase of N16.5 billion.

The year-to-date return moderated slightly to -7.1 percent.

ACtivity level was largely mixed as volume traded rose by 9.9 percent to 411.2 million units but value traded dipped by 19.5 percent to N2.5 billion.

Transnational Corporation of Nigeria Plc (174.5 million units), Sterling Bank Plc (48.8 million units) and Access Bank Plc (37.6 million units) were the top traded stocks by volume while Guaranty Trust Bank Plc (N758.5m), Zenith Bank Plc (N240.5m) and Access Bank (N220.1m) were the top traded stocks by volume.

Despite the stock market closing positive on Wednesday, the market was largely bearish as three sectors closed in the red, two in the green and the remaining one was unchanged.

The industrial goods sector declined by 1.3 percent, while insurance and consumer goods sector declined by 0.6 percent and 0.4 percent, respectively. Oil and gas sector was unchanged and the banking sector rose by 0.8 percent.

“Following Wednesday’s positive performance, we do not rule out the possibility of bargain hunting in Thursday’s trading session,” analysts at Afrinvest Securities Limited said.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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