Stock market rebounds on N16.5bn gain

The Nigerian stock market witnessed a rebound on Wednesday as 24 stocks led by Livestock Feeds Plc recorded price appreciation.

The market capitalisation of equities listed on the Nigerian Stock Exchange increased from N10.952tn on Tuesday to N10.965tn on Wednesday.

The All-Share Index gained 0.12 per cent to settle at 29,202.54 basis points while the year-to-date loss moderated to -7.1 per cent.

Activity level was mixed as volume traded advanced by 9.9 per cent to 411.2 million units while value traded declined by 19.5 per cent to N2.5bn.

Transnational Corporation of Nigeria Plc (174.5 million units), Sterling Bank Plc (48.8 million units) and Access Bank Plc (37.6 million units) were the top traded stocks by volume while Guaranty Trust Bank Plc (N758.5m), Zenith Bank Plc (N240.5m) and Access Bank (N220.1m) were the top traded stocks by volume.

Performance across sectors was largely bearish as three indices closed in the red, two closed in the green and one closed flat.

The industrial goods index led decliners, down by 1.3 per cent following sell-offs in Cutix Plc and Cement Company of Northern Nigeria Plc.

The insurance and consumer goods indices declined by 0.6 per cent and 0.4 per cent, respectively, on the back of losses in NEM Insurance Plc, Cornerstone Insurance Plc, PZ Cussons Nigeria Plc and Dangote Flour Mills Plc.

The oil and gas index closed flat despite gains in Eterna Plc.

On the flip side, the banking index rose by 0.8 per cent on account of bargain hunting in Zenith Bank and FBN Holdings Plc.

Investor sentiment strengthened to 1.3x from the 0.8x recorded in on Tuesday.

The top five gainers were Livestock Feeds, Custodian Investment Plc, Learn Africa Plc, Transnationwide Express Plc and NPF Microfinance Bank Plc.

“Following Wednesday’s positive performance, we do not rule out the possibility of bargain hunting in Thursday’s trading session,” analysts at Afrinvest Securities Limited said.
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