Nigerian stocks regained steam on Wednesday after witnessing depreciation for three days in a trot as the benchmark index climbed 0.21 per cent and equities in the financial services equities became irresistible for investors seeking sectors to plough in smart money.
The stimulus for the comeback was provided by gains in the shares Access Bank, Flour Mills, NGX Group and Union Bank.
Analysts at brokerage and investment bank United Capital “expect the market to maintain its bullish momentum as investors take positions ahead of the dividend season amidst pockets of profit-taking” this week.
A positive market breadth was reported, showing 27 gainers against 14 laggards at the end of trade.
The all-share index increased 99.99 points to 47,157.23 points, while market capitalisation closed higher at N25.4 trillion.
The index has seen a 10.4 per cent gain January to date.
TOP FIVE GAINERS
RT Briscoe traded up by 10 per cent to close at N0.33. SCOA went up 9.49 per cent to N1.50. SCOA rose to N0.39, notching up 8.33 per cent in the process. NEM added 7.25 per cent to end today’s trade at N3.55. Union Bank completed the top 5, climbing by 6.84 per cent to N6.25.
TOP FIVE LOSERS
Juli was the worst performing stock, declining by 9.89 per cent to close at N0.82. Multiverse shed 4.76 per cent to close at N0.20. Sovereign Trust fell to N0.23, losing 4.17 per cent. AIICO slumped to N0.71, recording 2.74 per cent depreciation. UPRD REIT closed at N3.55, going down by 2.74 per cent.
TOP FIVE TRADES
In all, 297.2 shares estimated at N4.7 billion were traded today in 4,661 deals.
Access Bank traded the most shares with 48.1 million units of its common stock worth N498.7 million traded in 303 transactions. Sovereign Trust transacted 37.5 million shares priced at N8.6 million exchanged hands in 33 transactions. NGX Group had 22.7 million shares valued at N567.1 million traded in 94 deals. Fidelity traded 21 million shares estimated at N60.5 million in 109 transactions. Transcorp traded 21.4 million shares valued at N18.4 million in 126 deals.
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