The Nigerian capital market continued its positive run on Wednesday after Tuesday rebounding, as investors gained N77.5 billion at the end of trading.
The market had lost about N160 billion on Monday as it reacted to the postponement of the general elections but rebounded on Tuesday as the market capitalisation of stocks listed on the Nigerian Stock Exchange (NSE) gained about N80 billion.
The market capitalisation of equities listed on the Exchange increased from N12.084tn on Tuesday to N12.162tn on Wednesday.
The All Share Index improved by 0.64 per cent to 32,614.06 basis points as the year-to-date gain increased to 3.8 per cent.
In the same vein, activity strengthened as 443.784 million shares valued at N5.642bn exchanged hands in 4,697 deals, representing a 22.4 per cent and 35.6 per cent in volume and value traded, respectively.
Top traded stocks by volume were Sterling Bank Plc (105.8 million units), Guaranty Trust Bank Plc (37.4 million units) and United Bank for Africa Plc (33 million units), while GTB (N1.4bn), Nestle Nigeria Plc (N1.2bn) and Zenith Bank (N434m) were the top traded stocks by value.
Also, sectoral performance across sectors was bullish, with four sectors closing in the green.
The consumer goods index led as the biggest gainer of the day, advancing by 1.4 per cent on the back of buying interest in Nigerian Breweries and Dangote Flour Mills Plc, while the insurance index improved by 1.2 per cent following major gains in Prestige Assurance Plc and Law Union and Rock Insurance Plc.
The oil and gas and banking indices rose by one per cent and 0.8 per cent respectively due to gains in 11 Plc, Eterna Plc, Zenith Bank and GTB, while the industrial goods index was the lone loser as it recorded a decline of 0.1 per cent.
Investor sentiment strengthened to 1.6x from 1.1x recorded on Tuesday as there 26 gainers compared to 16 stocks that declined in their prices.
Nigerian Breweries, Caverton Offshore Support Group Plc, Jaiz Bank Plc, Prestige Assurance and Law Union and Rock Insurance topped the price gainers, as their share prices gained 10 per cent, 9.25 per cent, 8.93 per cent, eight per cent and 7.84 per cent, respectively.
Goldlink Insurance Plc, Custodian Investment Plc, Africa Prudential Mortgage Bank Plc, Unity Bank Plc and GlaxoSmithKline Nigeria Plc led the losers table, as their respective shares lost 9.43 per cent, 6.87 per cent, 4.58 per cent, 3.88 per cent and 3.75 per cent.
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