Nigerian Exchange Rebounds by 0.87% Amid Sell-offs in Banking Stocks

It was the first time Customs Street was closing higher this week and it was boosted by bargain-hunting activities at midweek amid renewed confidence in the market.

When the bourse closed for the session at 2:30 pm, the All-Share Index (ASI) went up by 938.53 points to 108,609.51 points from 107,670.98 points and the market capitalisation increased by N504 billion to settle at N67.684 trillion compared with Tuesday’s value of N67.180 trillion.

During the session, the banking sector fell by 0.61 per cent but it could not bring down the NGX at the close of transactions due to the gains posted by the others.

The consumer goods space grew by 4.16 per cent, the insurance counter expanded by 0.29 per cent, the energy index gained 0.03 per cent, and the industrial goods sector closed flat.

Business Post reports that despite the growth recorded by the bourse at midweek, investor sentiment remained weak after a negative market breadth index due to 28 stocks closing in the red territory and 25 stocks finishing in the green region.

BUA Foods jumped by 9.91 per cent to N410.50, RT Briscoe surged by 6.91 per cent to N2.63, Eterna advanced by 6.25 per cent to N42.50, Sunu Assurances improved by 6.13 per cent to N6.92, and Veritas Kapital soared by 6.03 per cent to N1.23.

On the flip side, University Press slowed by 9.80 per cent to N4.60, International Energy Insurance crumbled by 9.80 per cent to N2.21, Union Dicon lost 9.52 per cent to sell for N6.65, McNichols declined by 8.57 per cent to N1.60, and DAAR Communications plunged by 7.25 per cent to 64 Kobo.

A total of 343.7 million stocks worth N8.6 billion were transacted in 12,970 deals on Wednesday compared with the 408.7 million stocks valued at N11.3 billion traded in 14,174 deals a day earlier, implying a decline in the trading volume, value and number of deals by 15.90 per cent, 23.89 per cent, and 8.49 per cent, respectively.

Access Holdings remained on top of the activity chart with 65.1 million shares valued at N1.8 billion, Fidelity Bank exchanged 50.7 million stocks worth N962.5 million, Zenith Bank transacted 22.1 million equities for N1.1 billion, Sterling Holdings traded 13.2 million stocks valued at N78.1 million, and Coronation Insurance sold 13.1 million equities worth N37.9 million.