Nigerian equity market reverses loss, gains 1.99%

The Nigerian equity market returned to gain on Wednesday, appreciating by almost 2% as bargain hunting persisted.

The All-Share Index increased by 1,033.04 points or 1.99 per cent to close at 52,838.45 against 51,805.41 achieved on Tuesday and the market capitalisation gained N556.93 billion or 1.99 per cent to close at N28.735 trillion from N27.928 trillion on Tuesday, the year-to-date returns increased to 23.70 per cent.

The upturn was impacted by gains recorded in the other sectors, including ARDOVA, Dangote, Cement, Cadbury, Guaranty Trust Holding Company (GTCo).

Sectoral performance was positive as most indices gained.

The Consumer Goods rose by I.5 per cent Industrial Goods 1.4 per cent, Insurance 0.9 per cent, Oil and Gas 0.1 per cent, while the Banking index closed flat.

Overall, the market was positive with 43 gainers relative to 27 losers.

CWG and Okomu Oil drove the gainers’ chart in percentage terms by 10 per cent each to close at 99k and N205 per share, respectively.

Champion followed with a gain 9.93 per cent to close at N4.43, while MC Nicholas rose by 9.90 per cent to close at N1.11 per share.

IMG went up by 9.88 per cent to close at N9.45.

On the other hand, Bua Foods and Ikeja Hotel led the losers’ chart in percentage terms by 10 per cent to close at N56.70 and N1.17 per share, respectively.

Eterna Oil followed with 9.92 per cent to close at N6.54 per share.

NPF Microfinance shed 9.50 per cent to close at N9.05 while RTBriscoe lost 8.70 per cent each to close at 63k per share.

Also, the total volume traded rose by 45.58 per cent to 417.39 million units valued N7.33 billion and exchanged in 7, 255 deals.

Transactions in the shares of Jaiz Bank topped the activity chart with 40.44 million shares valued N34.92 million.

Transcorp followed with 35.37 million shares worth N42.62 million, while International Breweries traded 25.35 million shares valued N224.91 million.

Unilever traded 24.64 million shares valued N362.62 million, while Fidelity Bank transacted 20.99 million shares worth N74.13 million. (NAN)