Nigerian capital market halts downtrend

The Nigerian equity market recovered on Wednesday after two consecutive sessions of loss on the floor of the Nigerian Exchange Limited (NGX) this week.

Buying interest in MTN NIGERIA COMMUNICATIONS PLC, which upped by 0.24% was the primary driver of the session’s gain.

Also, 1.29% gains in FBN HOLDINGS PLC, 0.87% gains in STANBIC IBTC HOLDINGS PLC and 0.59% gains in UNITED BANK FOR AFRICA PLC offset losses in ZENITH BANK PLC, which declined by 1.49%. ACCESS BANK PLC fell by 0.95% and GUARANTY TRUST HOLDING COMPANY PLC declined by 0.19%, thereby resulting in marginal growth today.

Consequently, the benchmark index made a 0.05% or 23.6 basis points rebound to close at 47,364.46 basis points from 47,340.86 basis points, while the market capitalization gained 0.05% or ₦12bn to close at ₦25.526 trillion from N25,514 trillion.

At the close of today’s trading activities, trade turnover was higher relative to the previous session, with the value of transactions advancing by 2.43% to close at 145.83 million units of shares valued at ₦2.54 billion and exchanged in 4,113 deals.

UNITED BANK FOR AFRICA PLC has for the second consecutive session, led the volume chart with 14.76m units traded, while MTN NIGERIA COMMUNICATIONS PLC led the value chart in deals worth ₦458.93m.

Market breadth closed positive with 18 stocks advancing, outnumbering the 17 stocks that declined.

The top three advancers were NPF MICROFINANCE BANK PLC, growing 0.21k or 10.00% to close at ₦2.31k per share from ₦2.10k per share.

It was followed by PZ CUSSONS NIGERIA PLC, which gained 0.70k or 9.79% from ₦7.15k per share to ₦7.85k per share.

Conversely, ROYAL EXCHANGE PLC. declined from ₦1.13k per share to ₦1.02, losing 0.11k or 9.73%.

LIVESTOCK FEEDS PLC fell from ₦1.75k per share to ₦1.58k per share, losing 0.17k or 9.71%, while INDUSTRIAL & MEDICAL GASES NIGERIA PLC fell from ₦9.50k per share to ₦8.60k per share by 0.90k or 9.47%. (VON)