Stock market rises slightly after two-day decline

Trading activities on the floor of the Nigerian Stock Exchange closed on a positive note on Wednesday as equities reversed some of its recent losses following gains recorded by blue-chip firms.

The market breadth, however, closed negative as 11 firms recorded gains, compared with 15 losers.

The NSE All-Share Index and market capitalisation rose by 0.06 per cent as market sentiment turned positive.

The ASI gained 15.67 basis points to close at 24,130.26bps from 24,114.59bps on Tuesday, while the market capitalisation of equities appreciated by N7bn to close at N12.59tn from N12.58tn.

A turnover of 208.21 million shares were traded in 3,648 deals on Wednesday.

The banking subsector was the most active (measured by turnover volume), with 93.96 million shares traded by investors in 853 deals.

The volume in the subsector was largely driven by trading activities on the shares of Sterling Bank Plc and Guaranty Trust Bank Plc.

The premium subsector was boosted by trading activities on the shares of the United Bank for Africa Plc and Zenith Bank Plc, with a turnover of 55.89 million shares in 1,297 deals.

SUNU Assurance Plc led the gainers’ table with a gain of 10 per cent to close at 22 kobo per share while Cutix Nigeria Plc followed with a gain of 7.69 per cent to close at N1.82 per share. Dangote Sugar Refinery Plc rose by 5.17 per cent to close at N12.20 per share.

On the other hand, Julius Berger Plc led the losers’ table, dropping 9.88 per cent to close at N15.50 per share.

Nigerian Breweries Plc followed with a loss of 9.84 per cent to close at N30.70 per share while Linkage Assurance Plc shed 9.09 per cent to close at 46 kobo per share.
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