Activities on the Nigerian stock market on Wednesday closed on a positive note to halt the four consecutive days of bearish run, growing by 0.02 per cent.
The performance was driven by investors’ renewed posItive sentiments in blue-chip stocks like Nestle Nigeria, MTN Nigeria Communications (MTNN) and nine others.
Specifically, the All-Share Index grew by 7.42 points or 0.02 per cent to close at 38,774.03 from 38,766.51 achieved on Tuesday.
Also, the market capitalisation rose by N4 billion to close at N20.286 trillion in contrast with N20.282 trillion posted on Wednesday.
The gain was driven by price appreciation in large and medium capitalised stocks amongst which are: Nestle Nigeria, Flour Mills of Nigeria, MTNN, Stanbic IBTC Holdings and Africa Prudential.
Analysts at Afrinvest Limited said, “In subsequent trading sessions, we anticipate that the equities market will sustain a positive momentum.”
Jaiz Bank dominated the gainers’ chart with a gain of 10 per cent to close at 66k per share.
The Initiates followed with 9.52 per cent to close at 46k and Royal Exchange rose by 8.33 per cent to close at 39k per share.
Japaul Gold and Ventures appreciated by 8.16 per cent to close at 53k, while Consolidated Hallmark Insurance gained 6.90 per cent to close at 31k per share.
On the other hand, Sterling Bank led the losers’ chart in percentage terms by 9.47 per cent to close at N1.53 per share.
Pharma Deko followed with 9.46 per cent to close at N1.34, while Prestige Assurance shed 8.70 per cent to close at 42k per share.
Ardova shed 6.91 per cent to close at N14.15, while Livestock Feeds depreciated by 5.88 per cent to close at N1.76 per share.
Also, the total volume of trades increased by 58.71 per cent with 356.46 million shares valued at N4.19 billion exchanged in 6,130 deals.
This was in contrast with an exchange of 224.59 million worth N2.14 billion achieved in 4,675 deals on Tuesday.
Transactions in the shares of Zenith Bank topped the activity chart with 55.031 million shares valued at N1.156 billion.
Access Bank followed with 38.385 million shares worth N308.553 million, while Transnational Corporation of Nigeria (Transcorp) traded 31.860 million shares valued at N24.899 million.
Guaranty Trust Bank traded 29.208 million shares valued at N819.08 million, while Mutual Benefits Assurance transacted 25.449 million shares worth N10.021 million.