Stock Market: Trading picks up as NGX records 0.15% gain
Trading activities on the Nigerian Exchange rebounded on Wednesday with a gain of 0.15 per cent due to interest in MTN Nigeria Communications (MTNN).
Specifically, the All-Share Index increased by 57.41points or 0.15 per cent to close at 38,564.70 from 38,507.29 achieved on Tuesday.
Consequently, the month-to-date return increased to 0.3 per cent, while the year-to-date loss moderated to 4.2 per cent.
Similarly, the market capitalisation rose by N30 billion or 0.15 per cent to close at N20.099 trillion against N20.069 trillion posted on Tuesday.
The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are: Seplat, MTNN, Africa Prudential, Unilever and United Bank for Africa.
As measured by market breadth, market sentiment turned positive with 27 gainers against 21 losers.
Cornerstone Insurance dominated the gainers’ chart in percentage terms with 10 per cent to close at 55k per share.
Morison Industries followed with 9.68 per cent to close at N1.36 and Learn Africa rose by 6.52 per cent to close at 98k per share.
Africa Prudential appreciated by 5.79 per cent to close at N6.40, while Courteville Business Solutions garnered five per cent to close at 21k per share.
On the other hand, Abbey Mortgage Bank led the laggards’ chart in percentage terms with 9.52 per cent to close at 95k per share.
Consolidated Hallmark Insurance trailed with 9.46 per cent to close at 67k, while CWG shed 7.26 per cent to close at N1.15 per share.
Wapic Insurance dropped 7.02 per cent to close at 53k, while Regency Alliance Insurance depreciated by 6.25 per cent to close at 45k per share.
Also, the total volume of shares traded increased by 1.81 per cent to 302.72 million shares valued at N2.81 billion exchanged in 4,387 deals.
This was in contrast with 297.35 million shares worth N3.65 billion transacted in 4,402 deals on Tuesday.
Transactions in the shares of Sterling Bank topped the activity chart with 37.47 million shares valued at N57.83 million.
Ecobank Transnational Incorporated followed with 27.39 million shares worth N142.47 million, while Wema Bank traded 27.15 million shares valued at N15.002 million.
Guaranty Trust Bank sold 26.49 million shares worth N745.34 million, while Japaul Gold and Ventures transacted 22.14 million shares valued at N11.04 million.
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