GTBank, Zenith Bank drive equities market by 0.03%

Following two consecutive trading sessions in which the equities market closed negative, the Nigerian Stock Exchange All-Share Index (NSE ASI) gained 0.03 per cent on Wednesday.

The market performance was largely driven by the bargain trading in Guaranty Trust Bank Plc and Zenith Bank Plc.

Guaranty Trust Bank traded 23.3 million shares worth N526.7 million and Zenith Bank sold approximately 18.6 million shares at N254.4 million.

Overall, investors traded a total of 414.2 million shares worth N3.418 billion in 2,567 deals.

Despite 2.53 per cent decline in Dangote, the NSE ASI closed at  25,241.63 basis points from 25,233.42 basis points with a corresponding market capitalisation at N8.689trillion, from N8.686 trillion it closed on Tuesday.

The NSE Oil & Gas index also grew by 1.35 per cent as a result of increases in Mobil and Oando while the consumer goods, industrial and NSE 30 indices recorded appreciation of varying degrees.

As a result, market capitalization appreciated to N8.689 trillion from N8.686 trillion and year to date losses dropped to -11.87 percent.

For the third consecutive session, Mobil led the day’s eighteen appreciating stocks with a 10.24 per cent appreciation to close at N266.67 per share. Cadbury followed with a 10.15 per cent growth to close at N11.07 per share, while Portland Paints recorded a gain of 9.42 per cent to close at N1.51 per share.

On the flip side, Axamansard Insurance led the day’s twenty retreating stocks, with a five per cent decline to close at N1.71 per share, UAC Prop lost 4.88 per cent to close at N2.34 per share, while NASCON Allied Industries dropped 4.86 percent to close at N6.66 per share.

Wema Bank emerged the most traded stock for the day with 199.3 million shares valued at N102.9 million, Access Bank followed with 59.1 million units of shares worth N324.7 million while Stanbic came third with the sale of 25.9 million shares worth N388 million.