By Dipo Olowookere
The last trading day in the month of November 2022 on the floor of the Nigerian Exchange (NGX) Limited closed on a positive note on Wednesday.
The market rebounded by 0.71 per cent yesterday on the back of renewed bargain-hunting, especially in the banking space, where Wema Bank chalked the higher price growth.
According to data harvested from the bourse, investor sentiment was better during the session as the market breadth ended positively with 21 appreciating stocks and nine depreciating stocks.
As earlier stated, Wema Bank gained 10.00 per cent to sell for N3.30, UAC Nigeria rose by 9.95 per cent to N10.50, Academy Press improved by 9.45 per cent to N1.39, United Capital appreciated by 8.10 per cent to N13.35, and ABC Transport increased by 8.00 per cent to 27 Kobo.
On the flip side, Royal Exchange lost 10.00 per cent to quote at 63 Kobo, Red Star Express fell by 9.25 per cent to N2.06, Prestige Assurance declined by 8.51 per cent to 43 Kobo, Nigerian Breweries dropped 7.08 per cent to N42.00, and RT Briscoe dwindled by 6.90 per cent to 27 Kobo.
Business Post reports that only the banking sector closed higher yesterday after it improved by 1.79 per cent, as the consumer goods and insurance counters weakened by 0.79 per cent and 0.59 per cent apiece, while the energy and industrial goods sectors closed flat.
At the close of business, the All-Share Index (ASI) went up by 337.07 points to 47,660.04 points from 47,322.97 points, and the market capitalisation grew by N183 billion to N25.959 trillion from N25.776 trillion.
The activity chart showed that banking equities were attractive to traders in the midweek session as they dominated the space, with FBN Holdings selling 12.5 million units.
Fidelity Bank transacted 10.3 million shares, Zenith Bank exchanged 8.0 million stocks, Wema Bank traded 5.9 million equities, and Stanbic IBTC sold 5.1 million stocks.
A total of 107.0 million shares worth N1.3 billion were traded in 3,227 deals during the session, in contrast to the 121.0 million shares worth N1.7 billion traded in 3,022 deals on Tuesday, indicating an improvement in the number of deals by 6.78 per cent, and a decline in the trading volume and value by 11.51 per cent and 19.97 per cent, respectively.
