NSE: Equities Post N517b Gain as Bargain Hunting Persists

By Dipo Olowookere

Investors’ sentiments strengthened further on Wednesday as the Nigerian Stock Exchange (NSE) continues to show the high level of confidence traders have in the Nigerian economy.

Both local and international investors embarked upon bargain hunting at the market yesterday, buying up good stocks with lower price value.

At the close of the midweek trades, the stock market inched 3.60 percent higher, extending the gains to three trading sessions.

The All-Share Index (ASI) increased by 1,453.14 points to settle at 41,816.11 points, crossing the 41,000 mark for the first in almost four years.

Also, the market capitalisation rose by N517 billion to finish at N14.881 trillion, while the year-to-date return closed the day at 9.34 percent, and the market breadth ended positive with 63 price gainers and three price losers.

Business Post reports that a total of 1.1 billion shares worth N13.3 billion were exchanged on Wednesday in 8,025 deals compared with the 770.1 million units traded on Tuesday in 7,395 deals valued at N7.9 billion.

Transcorp was the most traded equity at the market yesterday, exchanging a total of 184.7 million units valued at N365.3 million.

Diamond Bank followed with 136.6 million shares sold for N314.5 million, and Access Bank traded 122 million shares valued at N1.4 billion.

Fidelity Bank transacted 86 million shares for N260 million, while FBN Holdings traded 72.5 million shares valued at N770.4 million.

On the price movement chart, Dangote Cement emerged the highest price gainer, appreciating by N9.50k to close at N247 per share.

It was trailed by Nigerian Breweries, which rose by N6 to settle at N146 per share, and Conoil, which progressed by N3.48k to end at N37.51k per share.

International Breweries went up by N3.1k to finish at N60 per share, while Beta Glass progressed by N2.56k to end at N53.87k per share.

Conversely, Guinness Nigeria topped the losers’ table, depreciating by N1.80k to settle for the day at N100.20k per share.

UAC Properties went down by N3 to close at N3.3k per share, while Fidelity Bank sank by 2k to finish at N2.92k per share.