Stock Rebounds to Two-Month High on Wednesday

Egypt Stocks
  • Stock Rebounds to Two-Month High on Wednesday

The Nigerian stock market rebounded on Wednesday to its highest daily gain in over two months.

The All-share Index gained 1.09 percent or 294 basis points from 27,058.62 recorded on Tuesday to close at 27,352.94 on Wednesday.

While market capitalisation rose by N120 billion from N13.186 trillion on Tuesday to N13.306 trillion on Wednesday.

The year-to-date return improved to -13 percent, down from -13.91 percent.

Activity level rose moderately as volume and value traded grew by 73.6 percent and 39.5 percent to 363.973 million shares and N4.516 billion, respectively.

United Bank for Africa Plc led the most active stocks by volume with 64.7 million shares, followed by Access Bank Plc, 58.1 million; and Guaranty Trust Bank Plc, 44 million units.

While the most active stocks by value were GTB, N1.2 billion; Zenith Bank Plc, N608.1 million; and MTN, N475.7 million.

A sectoral break down shows consumer goods sector emerged top gainer with 3.46 percent. The insurance sector and AFI-ICT grew by 1.85 percent and 1.5 percent, respectively.

However, market uncertainty remains, suggesting that the surged in sentiment on Wednesday is likely due to the new ministers sworn-in on Wednesday.

Therefore, the long term bearish trend is expected to continue, especially after P&ID judgment that pushed the risks associated with the Nigerian assets to a new level.

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: samed@investorsking.com.

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