By Ernest Omoarelojie
Bulls rebounded at the trading floor of the Nigerian Stocks Exchange, NSE, as trading activities ended on Wednesday with a gain of 0.15 per cent due to interest in MTN Nigeria Communications, shares.
The the All-Share Index rose by 57.41 points or 0.15 per cent to close at 38,564.70 from Tuesday’s 38,507.29 leading to a month-to-date return increase of 0.3 per cent, and year-to-date loss moderated to 4.2 per cent.
Market capitalisation went up by N30 billion or 0.15 per cent to close at N20.099 trillion against Tuesday’s N20.069 trillion. However, market upswing was driven mainly by price appreciation in large and medium capitalised stocks including those of Seplat, MTNN, Africa Prudential, Unilever and United Bank for Africa.
Overall, market sentiments turned up with 27 gainers against 21 losers. Cornerstone Insurance stood atop the gainers’ chart with 10 per cent to close at 55k per share followed by Morisson Industries which came a close second with 9.68% to close at N1.36
Learn Africa was also at the gainers’ podium, coming third at 6.52 per cent to close at 98k per share just as Africa Prudential appreciated by 5.79 per cent to close at N6.40. Courteville Business Solutions garnered five per cent to close at 21k per share to stand at number five.
Conversely, Abbey Mortgage Bank led the laggards’ bench with a 9.52 per cent loss in share values to close shop at 95k per share, followed by Consolidated Hallmark Insurance, which trailed with 9.46 per cent to close at 67k.
CWG shed 7.26 per cent to close at N1.15 per share while Wapic Insurance dropped 7.02 per cent to close at 53k. Regency Alliance Insurance depreciated by 6.25 per cent to close at 45k per share.
Total volume of shares traded rose by 1.81 per cent to 302.72 million shares valued at N2.81 billion in 4,387 deals as opposed to Tuesday’s 297.35 million shares worth N3.65 billion transacted in 4,402 deals.
Trading Sterling Bank shares topped the NSE activity chart with 37.47 million shares valued at N57.83 million, followed by Ecobank Transnational Incorporated with 27.39 million shares worth N142.47 million. Wema Bank came third having traded 27.15 million shares valued at N15.002 million with GT Bank selling 26.49 million shares worth N745.34 million and Japaul Gold and Ventures transacting 22.14 million shares at N11.04 million.