Equity Market Rebounds to Slightly Rise by 0.02%

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) closed in the green zone on Wednesday after it went down on Tuesday due to profit taking.

At the close of the mid-week trading, the equity market marginally rose by 0.02 percent to leave the year-to-date return at 36.22 percent.

Business Post reports that the All-Share Index (ASI) slightly increased by 8.69 points to settle at 36,608.76 points, while the market capitalisation appreciated by N7.3 billion to finish at N12.75 trillion.

It was observed that the volume and value of shares transacted by investors today increased broadly as a total of 331.3 million shares were traded on Wednesday in 3,231 deals worth N5.6 billion, against 258 million shares exchanged on Tuesday in 3,423 deals valued at N3.3 billion.

Union Bank of Nigeria sold the highest number of shares today, trading 70.7 million units worth N480.2 million.

Custodian and Allied traded 55.2 million shares valued at N207 million, and Tantalizers transacted 43 million shares for N21.5 million.

In addition, UBA sold 31 million shares valued at N302.2 million, while Fidelity Bank exchanged 28.4 million shares worth N45.3 million.

But at the close of transactions on Wednesday, the market breadth closed negative with 17 stocks recording various gains, compared with 23 depreciating equities.

The highest price gainer at the stock market today was Nestle, which increased by N38.84k to settle at N1300 per share.

Unilever followed with N2.15k gain to close at N39.95k per share, while Zenith Bank rose by 31k to finish at N24.55k per share.

Dangote Sugar improved by 12k to end at N15.42k per share, and International Breweries went up by 10k to close at N51.80k per share.

At the other end, Nigerian Breweries emerged the biggest price loser on the floor of the NSE on Wednesday, going down by N4 to finish at N130 per share.

It was trailed by GlaxoSmithKline, which went down by N2.45k to close at N22.80k per share, and Flour Mills of Nigeria, which depreciated by N1.65k to end at N31.50k per share.

Julius Berger shed N1.33k to close at N28 per share, while UAC of Nigeria declined by 65k to finish at N16.35k per share.

Investors are upbeat that the gains recorded on the floor of the NSE today would be consolidated tomorrow when market activities resume.