Market rebounds as index rises by 0.4%
Trading activities on the Nigerian Stock Exchange witnessed a reversal on Wednesday as transactions closed positive for the first time this week.
The market capitalisation of the listed equities rose by N40bn or 0.4 per cent to N10.795tn from N10.756tn on Tuesday.
Similarly, the NSE's All-Share Index increased by 122.95 basis points or 0.4 per cent to close at 33,613.87 points from 33,736.82 points recorded the previous day.
The NSE-30 Index also rose by 0.3 per cent or 4.65 points from the previous day's 1,605.75 points to close at 1,610.40 basis points.
Analysts said the downturn recorded in the market since last Friday was as a result of profit-taking by investors who were cashing in on the gains recorded since the beginning of the year.
Among the other indices in the market, the Consumer Goods Index recorded the highest appreciation, rising by 10.91 basis points or 1.1 per cent from 980.41 points to 991.32 points.
The banking index, however, fell by 0.1 per cent or 0.52 basis points to close at 411.59 basis points, while the insurance index fell to 152.29 basis points from 151.42 points the preceding day.
The banking sub-sector maintained its lead on the activity chart with investors exchanging 269.15 million shares worth N3.353bn in 2,349 transactions. Activities in the banking sub-sector accounted for 48 per cent of the total turnover.
Volume in the sub-sector was driven by trading in the shares of Zenith Bank Plc, United Bank for Africa Plc, Diamond Bank Plc and Guaranty Trust Bank Plc.
A total of 37 stocks recorded price appreciation compared to 19 stocks, which lost.
Unity Bank Plc recorded the highest price appreciation, rising by 10 per cent or seven kobo to close at 77 kobo per share.
Wema Bank Plc gained 10 per cent or nine kobo to close at 99 kobo per share.
Presco Plc and DN Meyer Plc also gained 9.9 per cent to close at N24.34 and N2.66 per share, respectively.
On the other hand, Prestige Assurance Company Plc lost the highest, shedding 9.7 per cent or seven kobo to close at 65 kobo per share, while UACN Property Development Company Plc lost 7.4 per cent or N1.12 to close at N14 per share.