NSE index rises by 0.38%

Bargain hunting outweighed selling pressure in the equities segment of the Nigerian Stock Exchange on Wednesday, pushing major market indicators up.

At the close of trading, the NSE All-Share Index and the market capitalisation of the listed equities rose by 0.38 per cent to close at 30,543.17 basis points and N10.497tn.

Wednesday’s performance makes it the second consecutive day in which the NSE ASI and market capitalisation have closed higher after Monday’s 0.22 per cent drop.

A total of 466.940 million shares valued at N4.367bn were exchanged by investors in 2,994 deals on Wednesday, with Zenith Bank Plc being the most traded stock as 131.645 million units worth N2.406bn were traded. It was followed by Sterling Bank, which had 61.888 million units worth N128.738m traded.

Others are Aso Savings and Loans Plc (40.501 million units valued at N20.250m); United Bank for Africa (38.769 million units worth N164.132m); and Law Union & Rock Plc with 30.250 million units valued at N15.125m traded.

Forte Oil Plc, which rose by N8.9 to close at N239.99 per share, and Dangote Cement Plc with a N1.5 appreciation to close at N169.5 per share, were among the key gainers on Wednesday.

Stanbic IBTC Holdings Plc gained N1.05 to close at N22.12 per share, while Lafarge Africa Plc and UAC Property Development Company Plc gained 54 kobo and 37 kobo to close at N98 and N7.79 per share, respectively.

On the other hand, Okomu Oil Plc was one of the major losers. It fell by 85 kobo to close at N28.1 per share.

UAC of Nigeria Plc was down by 66 kobo to close at N30 per share with Ashaka Cement Plc shedding 48 kobo to close at N154 per share.

Guinness Nigeria Plc and Vitafoam Nigeria Plc were down by 45 kobo and 29 kobo to close at N154 and N5.55 per share, respectively in what was the last trading day for the week due to the Sallah celebrations.

Equities had rebounded on Tuesday, ending a two-session decline and lifting most market indicators.

After investors exchanged 207.590 million shares valued at N3.136bn in 3,263 deals, the NSE All-Share Index edged higher by 160.2 basis points or 0.53 per cent to 30,426.10 basis points.

The market capitalisation of the listed equities also rose by 0.53 per cent – or N55bn – to close at N10.456tn in contrast to the 0.22 per cent depreciation recorded the previous day.

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