NSE index appreciates as Bull regains control

Transaction on the floor of the Nigerian Stock Exchange (NSE) saw a rebound on Wednesday as the All Share Index appreciated by 152.13 points to reclaim 35,000 benchmark and closed at 35,103.40 points.

Aside from bringing up the value of the lead indices, market capitalisation surged by N52.4 billion to close at N12.101 trillion.

Market breadth closed positive with 24 gainers paired against 22 losers. Champion Breweries, Neimeth and Linkage Assurance led the gainers’ pack adding 8.14 per cent, 4.62 per cent and 4.55 percent to close at N2.39, 68 kobo and 69 kobo respectively

Conversely, Morison Industries led the day’s 22 losers with a drop of 8.33 percent and closed at 66 kobo per share, UAC-Prop was next with a decline of 5 percent to close at N2.85 per share and UPL declined 4.81 per cent to close at N2.57 per share.

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The industrial and insurance indicators contributed significantly to the day’s overall growth as both indices improved by 0.79 and 0.69 per cent respectively owing to gains recorded in Dangote Cement that gained N4 while Neimeth, Linkage Assurance, NEM Insurance, Wapic and AIICO gained 4.62 percent, 4.55 percent, 4.31 percent and 2 percent respectively, while indices such as the NSE Oil and Gas, the Consumer goods and Banking fell 0.33 percent, 0.21 percent and 0.19 percent respectively.

Jaiz Bank was the most active, exchanging 35.9 million shares valued at N26.1 million. Meyer followed with the sale of 20.0 million shares worth N14.0 million, while FBN Holdings traded 6.7 million shares valued at N36.7 million.

Diamond Bank sold 5.4 million shares worth N6.0 million and Access traded 4.9 million shares valued at N46.2 million.

The volume of shares exchanged in 2,860 deals on Wednesday reduced by 73 percent to 136.4 million units compared to 500.3 million units exchanged in 3,120 deals by investors on Tuesday.

The total value of shares sold also slid by 64 percent to N1.3 billion as against N3.6 billion worth of equities transacted previous session.