The bearish trend of the stock market was halted on Wednesday after a five day uninterrupted slump of share trading.
Specifically, the market capitalisation of the Nigerian Stock Exchange (NSE) appreciated by N65.58 billion.
In particular, the market capitalisation appreciated by 0.77 percent to close at N8.607 trillion from N8.541 trillion at which it opened. The All share index rose by 205.18 bases points or 0.77 per cent to close at 26,928.67 points from 26,723.49 points.
The bullish trading on the Exchange was attributted to gains recorded by blue chip companies. Activity in the Banking sub-sector was boosted by Diamond Bank Plc with a gain of N0.41to close at N8.61 per share, Fidelity Bank Plc followed with a gain of N0.15 to close at N3.15 per share and Spring Bank Plc garnered N0.09 to close at N1.89 per share.
Other share price gainers include Access Bank Plc N0.50, United Bank for Africa Plc N0.49, Ecobank Plc N0.20, Afrbank Plc N0.14, International reweries Plc N0.28, Neimeth Internationa Pharmaceutical PlcN0.06, Finbank Plc N0.05, among others.
On the contrary, Longman Nigeria Plc recorded the most share price loss on the losers table dropping by N0.40 to close at N7.60 per share, Niger Insurance Plc followed with a loss of N0.05 to close at N0.95 per share and Intercontinental Wapic Insurance Plc dipped by N0.04 to close at N0.76 per share.
Other share price gainers include: Poly Products Nigeria Plc N0.08, Premier Paints Plc N0.60, United Textiles Nigeria Plc N0.04, Goldlink Insurance Plc N0.03, Honeywell Flour Mill Plc N0.27, Associated Bus Company Plc N0.03, Royal Exchange Plc N0.02, among others.
Equity trading appreciated by 6.78 per cent as a turnover of 352.80 million shares valued at N5.95 billion was recorded in 6,624 deals, in contrast to the previous day’s turnover of 330.40 million shares valued at N3.28 billion in 6,349 deals.
The Banking sub-sector was the most sought after on the sectorial analysis accounting for 70.64 per cent of the market turnover with 249.23 million shares valued at N2.23 billion. in 4,063 deals. Zenith Bank Plc recorded the highest patronage in the sub-sector trading 39.52 million shares valued at N621.74 million in 543 deals,
United Bank for Africa Plc followed with the exchange of 26.38 million shares valued at N253.93 million in 349 deals and Guaranty Trust Bank Plc recorded 26.30 million shares valued at N524.77 million in 579 deals.
The Insurance sub-sector followed on the sectorial analysis accounting for 4.68 per cent of the market turnover with 16.52 million shares valued at N12.45 million in 239 deals. AIICO Insurance Plc dominated activity in the sub-sector trading 3.85 million shares valued at N3.86 million in 82 deals, Law Union and Rocks Plc followed with the exchange of N3.10 million shares valued at N1.55 million in six deals.
However, NSE 30, which measures the performance of blue chips in the market rose by 0.88 per cent, NSE Banking garnered 1.84 per cent, NSE Oil and Gas appreciated by 1.13 per cent, NSE Insurance up by 0.16 per cent and NSE Food and Beverages gained by 0.11 per cent.