Gains in MTNN (+0.6%), DANGCEM (+0.3%) and CCNN (+3.5%) pushed the benchmark index up by 2bps to 27,607.02 points on Wednesday trading at the floor of the Nigerian Stock Exchange.
Consequently, YTD loss settled at -12.2% while market capitalisation rose by N2.1bn to N13.4tn.
However, activity level was weak as volume and value traded fell 29.0% and 33.2% respectively to 130.4m and N3.0bn.
The top traded stocks by volume were TRANSCORP (39.1m units), MTNN (15.3m units) and WAPCO (10.4m units) while MTNN (N2.1bn), WAPCO (N147.7m) and ZENITH (N140.1m) were the top traded stocks by value.
Across sectors, performance was largely bullish as 4 of 6 indices closed north.
The Insurance index led gainers, up 2.3% as investors took positions in CONTINSURE (+10.0%), WAPIC (+5.4%) and LASACO (+3.6%).
In addition, the Industrial and Oil & Gas indices rose 1.0% and 0.9% respectively following buying interest in CCNN (+3.5%), WAPCO (+1.1%), DANGCEM (+0.3%), OANDO (+4.0%) and FORTE (+5.5%).
The AFR-ICT index also gained 0.4% due to price appreciation in MTNN (+0.6%).
Conversely, the Banking index lost the most, shedding 1.3% on the back of losses in ZENITH (-2.6%), ACCESS (-5.2%) and FBNH (-3.0%) while sell-offs in PZ (-5.6%) and HONYFLOUR (-7.4%) dragged the Consumer Goods index lower by 0.1%.
Meanwhile, investor sentiment as measured by market breadth (advance/decline ratio) strenghtened to 1.0x from 0.6x recorded yesterday as 13 stocks advanced against 13 decliners.
The best performers were CONTINSURE (+10.0%), CORNERSTONE (+10.0%) and JOHNHOLT (+10.0%) while HONYFLOUR (-7.4%), PZ (-5.6%) and ACCESS (-5.2%) were the laggards.
Analysts at Afrinvest Securities Ltd expect a bearish performance to resurface in the market due to the absence of economic stimulus to stoke investor confidence in equities.
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