By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rebounded by 0.28 per cent on Wednesday, following renewed bargain-hunting by investors.
The demand for mid and large-cap stocks, especially in the industrial goods and banking sectors, contributed to the lifting of the stock market in the midweek session.
As a result, the All-Share Index (ASI) improved at the close of transactions by 134.50 points to 48,988.04 points from 48,853.54 points, while the market capitalisation increased by N74 billion to N26.683 trillion from N26.609 trillion.
Business Post reports that the industrial goods space grew by 1.46 per cent and the banking index appreciated by 0.07 per cent during the session.
However, the insurance counter depreciated by 0.85 per cent, the consumer goods sector went down by 0.53 per cent, and the energy segment declined by 0.15 per cent.
Data showed that Red Star Express recorded the highest price improvement on Wednesday as it gained 9.71 per cent to sell at N2.26. Chams rose by 9.52 per cent to 23 Kobo, SCOA Nigeria appreciated by 8.97 per cent to 85 Kobo, Learn Africa surged by 8.84 per cent to N1.97, and Lasaco Assurance increased by 7.14 per cent to 90 Kobo.
On the flip side, Prestige Assurance recorded the biggest price fall as it dropped 8.70 per cent to 42 Kobo, Multiverse declined by 8.51 per cent to N3.98, Linkage Assurance went down by 6.98 per cent to 40 Kobo, Eterna slipped by 5.75 per cent to N6.07, and Dangote Sugar slumped by 5.56 per cent to N15.30.
At the close of trades, the market breadth was positive as the exchange finished with 16 price gainers and 12 price losers, indicating a strong investor sentiment.
On the activity log, the trading volume, value and the number of deals depreciated in the midweek session by 46.00 per cent, 56.41 per cent and 13.79 per cent, respectively.
This was because investors transacted 88.0 million shares worth N1.7 billion in 2,832 deals during the session as against the 162.9 million shares worth N3.9 billion traded in 3,285 deals a day earlier.
GTCO was the most active stock on Wednesday as it traded 10.2 million units, followed by Zenith Bank, which sold 9.8 million units. Jaiz Bank exchanged 7.9 million equities, Sterling Bank transacted 5.2 million stocks, and United Capital traded 4.5 million shares.
