The Nigerian stock market extended positive growth on Wednesday by N25 billion due to buying interest in MTN Nigeria Communications (MTNN) and 13 others.
Specifically, the market capitalization which opened at N20.278 trillion inched higher by N25 billion or 0.12 percent to close at N20.303 trillion.
Also, the All-Share Index rose by 47.84 points or 0.12 percent to close at 38,968.34 against 38,920.50 recorded on Tuesday.
Accordingly, month-to-date and year-to-date losses moderated to 0.6 percent and 3.2 percent, respectively.
The upturn was impacted by gains recorded in medium and large capitalized stocks, amongst which are; MTN, Northern Nigeria Flour Mills, Oando, Guaranty Trust Holding Company, and UACN Property Development Company.
On market outlook, analysts at Afrinvest Ltd said that “In the next trading session, we expect the bullish performance to be extended on the back of bargain hunting activities in the market.”
However, the market breadth closed negative with 18 losers as against 14 gainers.
UPDC led the gainers’ chart in percentage terms by 9.64 percent to close at N1.82 per share.
NNFM followed with 9.59 percent to close at N8, while Oando appreciated by 6.21 percent to close at N4.62 per share.
Learn Africa increased by 5.88 percent to close at N1.44, while Honeywell Flour Mills appreciated by 3.83 percent to close at N4.07 per share.
On the other hand, Transcorp Hotels led the losers’ chart in percentage terms by 10 percent to close at N4.50 per share.
Consolidated Hallmark Insurance followed with 9.43 percent to close at 48k, while Prestige Assurance shed 8.33 percent to close at 44k per share.
Champion Breweries shed 8.17 percent to close at N1.91, while Lasaco Assurance depreciated by 7.69 percent to close at N1.20 per share.
The total volume traded declined by 38.11 percent with an exchange of 141.41 million shares worth N2.97 billion traded in 3,079 deals.
Trading on NGX rebounds by N3bn
This was against a total of 228.48 million shares valued at N1.88 billion traded in 3,376 deals on Tuesday.
Transactions in the shares of Universal Insurance topped the activity chart with 17.99 million shares valued at N3.597 million.
Zenith Bank followed with 9.71 million shares worth N229.36 million, while United Capital traded 9.34 million shares valued at N76.22 million.
Transcorp sold 9.08 million shares worth N8.29 million, while Access Bank transacted 9.02 million shares worth N83.79 million.
