Nigerian stocks were up by 0.63 per cent or N127.9 billion on Wednesday as investors regained morale after a significant loss at the previous trading dented confidence.
The upbeat close rested on gains by sector leaders Dangote Cement, Nestle and Nigerian Breweries. Still, the cumulative appreciation recorded was not enough to offset half of the damage done to market capitalisation on Tuesday alone, meaning it will take days of relentless rebound for the Nigerian Stock Exchange to move from a negative year-to-date return to positive.
The industrial goods index was at top of the sectorial performance pecking order, climbing 1.74 per cent to 1,957.07 points to the lead four other sectors.
Market breath was neutral as the number of gainers equalled that of losers at 23 apiece.
The benchmark index rose 244.40 points to 38,931.25 point while market capitalisation leapt to N20.369 trillion. Year to date, the index is down by 3.33 per cent.
Morison led the flock of advancers, appreciating by 9.72 per cent to close at N0.79. Champion Breweries added up 8.91 per cent to end trade at N2.20. Neimeth went up by 8.85 per cent to N2.09. Mutual Benefits rose to N0.42, notching up 7.69 per cent in the process. NAHCO completed the top 5, climbing by 6.64 per cent to N2.25.
Consolidated Hallmark Insurance was the runt of the litter, declining by 10 per cent to close at N0.27. Eterna shed 9.94 per cent to end today’s trade at N4.62. Conoil fell to N17.05, losing 9.79 per cent. NNFM slumped to N5.15, recording 9.69 per cent depreciation. Livestock Feeds closed at N1.70, going down by 9.57 per cent.
In all, 368.2 million shares estimated at N4.9 billion were traded today in 4,437 deals as liquidity fell by 22 per cent.
UBA was the most traded stock with 74.8 million of its shares worth N523.4 million exchanging hands in 14 deals.