Stock market rebounds after weeks of loss

The Nigerian stock market on Wednesday recovered from its loss to record a total of N16.5 billion gain.

The market capitalisation of equities listed on the Nigerian Stock Exchange (NSE) bounced back from N10.952tn on Tuesday to N10.965tn on Wednesday.

The All-Share Index settled at 29,202.54 basis points after gaining 0.12 per cent while the year-to-date loss moderated to -7.1 per cent.

Although value traded declined by 19.5 per cent to N2.5 billion net volume traded advanced by 9.9 per cent to 411.2 million to keep a mixed activity level.

Top traded stocks by volume include Transnational Corporation of Nigeria Plc (174.5 million units), Sterling Bank Plc (48.8 million units) and Access Bank Plc (37.6 million units).

Others are Guaranty Trust Bank Plc (N758.5m), Zenith Bank Plc (N240.5m) and Access Bank (N220.1m).

The industrial goods index led decliners, down by 1.3 per cent following sell-offs in Cutix Plc and Cement Company of Northern Nigeria Plc.

The insurance and consumer goods indices witnessed a decline by 0.6 per cent and 0.4 per cent, respectively, after losses in NEM Insurance Plc, Cornerstone Insurance Plc, PZ Cussons Nigeria Plc and Dangote Flour Mills Plc.

Not even the gains by Eterna Plc could stop the oil and gas index from closing flat while the banking index rose by 0.8 per cent on account of bargain hunting in Zenith Bank and FBN Holdings Plc.

Investor sentiment moved from 0.8x on Tuesday to 1.3x on Wednesday.

At the end of trading, top five gainers were Livestock Feeds, Custodian Investment Plc, Learn Africa Plc, Transnationwide Express Plc and NPF Microfinance Bank Plc.