Nigerian equities continued their rally on Wednesday as increasing bargain-hunting left investors with net capital gains of N130 billion, bringing gains in the past two trading sessions to N266 billion.
With more than seven advancers to every decliner, the overall market position was exceedingly positive. Average return stood at 1.03 per cent, moderating the negative average year-to-date return to -8.9 per cent.
The All Share Index (ASI)- the common value-based index that tracks share prices at the Nigerian Stock Exchange (NSE) rose from its opening index of 24,202.87 points to close at 24,452.23 points. Aggregate market value of all quoted equities also increased from its opening value of N12.613 trillion to close at N12.743 trillion.
With 36 gainers to five losers, all sectoral indices expectedly closed positive. The NSE Banking Index led with a gain of 2.8 per cent. The NSE Insurance Index appreciated by 1.7 per cent. The NSE Industrial Goods Index rose by 1.3 per cent while the NSE Oil and Gas Index and NSE Consumer Goods Index inched up by 0.1 per cent apiece.
The momentum of activities also improved a total turnover rose by 28.6 per cent to 436.84 million shares valued at N5.41 billion in 5,195 deals. Zenith Bank was the most active stock with a turnover of 75.07 million shares worth N1.22 billion.
“We expect profit taking in the next trading session,” Afrinvest Securities stated.
Dangote Cement led the gainers with a gain of N2.50 to close at N150. Zenith Bank followed with a gain of 65 kobo to close at N16.50 while BUA Cement chalked up 60 kobo to close at N32.40. Lafarge Africa recorded the highest loss of 30 kobo to close at N11 per share.