NSE rebounds as sectoral indicators move ASI to 0.15%

The Nigerian Stock Exchange (NSE) rebounded 0.15 percent on Wednesday, thanks to the northwards trend of all but one (Insurance) of the NSE sectoral indices on Wednesday.

The Banking index was the sector with the highest gain of 0.58 percent, owing to investors bargain hunting ahead of Q3 earnings season, while the NSE Insurance index was the lone loser with a 0.60 percent decline.

The ASI thus added 52.48 points to close the day at 35,358.57 basis points and the market capitalisation increased N218.6 billion to settle at N12.171 trillion.

Market breadth improved slightly as the price movement chart showed that 19 gainers were paired against 18 losers.

CI leasing maintained its topmost position on the gainers chart from previous day to close at N1.96 following a 9.50percent increase in its share price.

Nascon was next with an increase of 4.99 percent to close at N12.62 per share, while UAC-Prop and Vitafoam grew by 4.78 percent each to close at N2.85 and N2.63 per share respectively. Caverton was the day’s top fifth gainer with an increase of 4.59 percent to end the day at N1.14 per share.

Conversely, MRS emerged the day’s biggest loser with a decline of 4.97 per cent in its share price to close at N30.39 per share, Continental Re-insurance dropped 4.67 per cent to close at N1.43 per share

while Learn Africa fell 3.80 percent to close at 76 kobo per share. Unity Bank dropped 3.51 percent to close at 55 kobo per share and Dangote sugar recorded a loss of 3.30 percent to close the day at N13.47 per share.

At the end of the day’s trading activities, a total volume of 174 .1 million shares valued at N2.720billion had been moved by investors in 3,599 deals compared 634.3 million shares valued N5.8 billion and moved in 3,850 deals on Tuesday.

Banking stocks dominated activity chart as UBA emerged the most traded stock with the exchange of 25.4 million shares valued at N227.2 million.

FBN Holding was next with the trade 23.4 million shares worth N133.3 million, while Zenith Bank exchanged 17.3 million shares valued at N424.4 million.

Access Bank transacted 17.3 million shares at N165.9 million, and Guaranty exchanged 16.5 million shares worth N658.6 million.