Modupe Gbadeyanka
By Modupe Gbadeyanka
Transactions on the Nigerian equity market on Wednesday finished on a very strong note with the market indicators rising by 1.38 percent.
Business Post reports that the Nigerian stocks reversed a two-day bearish trend on bargain hunting by investors at the market.
At the close of trading activities today, the All-Share Index (ASI) increased by 456.35 absolute points to finish at 33,598.20 absolute points, while the market capitalisation rose by N158 billion to settle at N11.62 trillion.
In addition, the Year-To-Date (YTD) Return ended at 25.02 percent, while the market breadth closed positive with 34 stocks appreciating in value compared with 22 equities, which declined in price.
Our correspondent further reports that a total of 759 million shares exchanged hands on the floor of the Nigerian Stock Exchange (NSE) on Wednesday, valued at N6.3 billion and executed in 7,357 deals.
This was higher than what was transacted by investors the previous day at the stock market; 410 million shares traded in 6,167 deals worth N5.5 billion.
On the price movement chart, Seplat emerged the biggest gainer today with an addition of N5.50k to its share price to close at N465.51k per share.
It was closely followed by Unilever, which appreciated by N3.70k to finish at N40.70k per share and Okomu Oil, which rose by N3.18k to end at N66.84k per share.
Also, Nigerian Breweries gained N2.90k to settle at N160 per share, while Presco advanced by N2.74k to wrap the day at N68.89k per share.
On the flip side, 7up topped the losers’ table after shedding N4.20k to finish at N90.30k per share, while Forte Oil flattened by N2 to close at N56 per share.
International Breweries collapsed by N1.44k to end at N28.56k per share, PZ Cussons weakened by 92k to finish at N22.8k per share and UACN crashed by 38k to close at N17.62k per share.
The five most traded equities table was dominated on Wednesday by stocks in the Financial Services with First Bank leading the pack.
It traded a total of 106.4 million shares worth N727 million, while Transcorp exchanged 99.8 million shares valued at N187 million.
LASACO Assurance Plc traded 99.7 million shares at N50 million, Access Bank sold 76.5 million units for N767 million, while Zenith Bank transacted 61 million shares at N1.31 billion.
Investors are upbeats that the bullish trend today would be sustained tomorrow, when trading activities resume on the floor of the NSE.
