The Nigerian stock market on Wednesday extended gains to a two-day winning streak with 1.05 percent gain.
The upturn was largely boosted by value appreciation recorded in some largely capitalised stocks such as Nestle Nigerian Plc, Nigerian Breweries Plc, and Guaranty Bank Plc, as 25 stocks gained against 13 losers of 97 stocks that were traded upon.
The market’s benchmark performance indicator – the All-Share Index (ASI) appreciated by 209.77 points, representing a gain of 1.05 percent to close at 27,900.44 points as against 27,609.67 on Tuesday. Similarly, the market capitalisation gained about N100.511 billion to close at N9.644 trillion as against N9.544 trillion the preceding day. A total of 3,910 deals were sealed to the tone of about 371.455 shares with a value of 3.490 billion. The year-to-date return on the ASI, still on the positive note, stood at 1.63 percent.
Nestle Nigerian Plc’s share price increased the most, gaining N24.94 kobo at the close of the trading day, from N800.11 to 825.05 on Wednesday. Nigerian Breweries Plc followed with great disparity, gaining N3, from N145 to N148. Guaranty Trust Bank Plc’s share price gained N1.2 kobo from N29.5 to N30.7. Oando Plc followed with a 77 kobo increase in its share price, from 7.78 to close at 8.55. Glaxo Smithkline Consumer Plc gained 73 kobo from N14.7 kobo to close at N15.43.
On the losers table, the financial services sector took the lead with Stanbic Holdings Plc, Union Bank Nigerian Plc, Zenith Bank Nigerian Plc and United Bank for Africa Plc recording the highest loss in share price. Stanbic Holdings Plc recorded the biggest loss of N0.5 from N26.5 to N26. Union Bank Nigerian Plc followed with a loss of N0.15 from N5.15 to N5. Zenith Bank Nigerian Plc lost N0.11 of its share price which opened at N17.21 to close at N17.1. United Bank for Africa Plc followed losing N0.1 from N6.6 to close at N6.5. International Breweries also lost N0.1 of its share price from N21 to N20.9.
The financial services sector also had the top trades by the close of trading on Wednesday, with Access Bank Plc and Guaranty Trust Bank Plc taking the lead.
Access Bank Plc’s shares had the most trades with 96.011 million units traded for a total value of N695.337 million. Guaranty Trust Bank Plc followed with 31.337 million units traded to a tone of N945.265 million. Law Union and Rock Insurance Plc followed closely with 30.204 millon units traded for a total value of N24.171 million, United Bank for Africa Plc followed with 25.668 million units traded for a total N166.685 million. FBN Holdings Plc traded 19.552 million units for the total value N77.179 million.