Transactions on the Nigerian Stock Exchange (NSE) rebounded on Wednesday by N50 billion, halting two consecutive days bearish trend due to sustained bargain-hunting in insurance stocks.
The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N21.474 trillion inched higher by N50 billion or 0.23 per cent to close at N21.524 trillion.
Also, the All-Share Index increased by 96.09 points or 0.23 per cent to close at 41,147.72 against 41,051.63 points achieved on Tuesday.
The market gains were driven by price appreciation in large and medium capitalised stocks amongst which are Lafarge Africa, Ardova, BOC Gases, Northern Nigeria Flour Mills and Flour Mills of Nigeria.
Consequently, market sentiment was positive with 55 stocks recording gains, relative to 16 losers.
Deap Capital Management & Trust, Mutual Benefits Assurance, NNFM, Niger Insurance, Royal Exchange and Sovereign Trust Insurance led the gainers’ table in percentage terms, gaining 10 per cent each to close at 22k, 55k, N8.80, 33k, 44k and 33k per share, respectively.
Livestock Feeds and BOC Gases trailed with 9.80 per cent each to close at N2.80 and N15.12 per share, respectively.
Consolidated Hallmark Insurance and Linkage Assurance rose by 9.76 per cent each to close at 45k and 90k per share, respectively.
On the other hand, Sunu Assurances and AXA Mansard Insurance led the losers’ chart in percentage terms, losing 10 per cent each to close at 90k and N1.53 per share, respectively.
Japaul Gold and Ventures followed with a loss of 9.38 per cent to close at N1.16 per share.
Afromedia Plc shed 9.09 per cent to close at 20k, while Omatek Ventures dipped 8.70 per cent to close at 21k per share.
The total volume of shares traded grew by 23.7 per cent with an exchange of 649.68 million shares worth N4.61 billion exchanged in 6,296 deals.
This was in contrast with a total of 525.01 million shares worth N5.34 billion transacted in 5,965 deals on Tuesday.
Mutual Benefits Assurance topped the activity chart with 52.11 million shares valued N28.65 million.
Transcorp came second with 51.65 million shares worth N66.12 million, while Sterling Bank accounted for 48.12 million shares valued N94.29 million.
Lafarge Africa sold 34.67 million shares worth N900.09 million, while UACN Property Development transacted 30.73 million shares valued at N22.98 million.
