At the close of trading yesterday, the market snapped a two-day losing streak as the All Share Index rebounded by 0.43 per cent to settle at 35,103.40 points, while the year-to-date (YTD) return advanced to 30.6 per cent.
Accordingly, market capitalisation added N52.4 billion to settle at N12.1 trillion. The upturn in performance was majorly on account of gains in Dangote Cement (+1.9 per cent) as well as Zenith Bank (+1.8 per cent) and Nestle Nigeria (+0.4 per cent). Ex-DANCEM, market would have lost 18bps. However, activity level moderated as both the volume and value traded dipped 72.7 per cent and 64.9 per cent to 136.4 million units and N1.3 billion respectively.
Nestle Nigeria led the gainers’ table with a gain of 476 kobo, followed by Dangote Cement, which grabbed 400 kobo, Zenith Bank nicked 39 kobo, International Breweries appreciated by 32 kobo, while Stanbic IBTC Bank increased by 25 kobo, among others.
Petroleum marketer, Mobil Nigeria led the laggards’ table with a drop of 201 kobo, followed by Nigerian Breweries, which lost 150 kobo, Guaranty Trust Bank went down by 40 kobo, Lafarge Cement WAPCO depreciated by 24 kobo while PZ Cussons slipped by 22 kobo, among others.
Jaiz Bank emerged the most traded equity on Wednesday with an exchange of 35.853 million shares worth N26.064 million. It was followed by Meyer and Baker having accounted for 20.007 million shares valued at N14.005 million, FBN Holdings traded 6.687 million shares valued at N36.775 million; Diamond Bank sold 5.428 million shares valued at N6.040 million while Access Bank exchanged 4.878 million shares worth N46.201 million.
The performance of sector indices was broadly mixed with the industrial goods index leading the gainers’ chart, up 0.8 per cent, attributable to rally in Dangote Cement (+1.9 per cent).
Similarly, the insurance index expanded 0.7 per cent on the back of gains in NEM Insurance (+4.3 per cent) and Linkage Assurance (+4.5 per cent).
In contrast, the Oil & Gas index shed 0.3 per cent due to losses in Oando (-1.5 per cent) and Mobil (-1.2 per cent) whilst the consumer goods and banking indices fell 0.2 per cent apiece against the backdrop of weak appetite in Nigerian Breweries (-0.9 per cent) and Guaranty Trust Bank (-1 per cent), respectively.