NSE rebounds, gaining 1.11% on Wednesday after 8-day losing streak

Trading activities on the Nigerian Stock Exchange (NSE) rebounded on Wednesday after dropping for eight-consecutive days with the market indicators improving by 1.11 per cent.

The All-Share Index appreciated by 463.65 points or 1.11 per cent to close at 42,171.80, compared to 41,708.15 posted on Tuesday.

Also, the market capitalisation closed higher at N15.133 trillion as against N14.967 trillion achieved on Tuesday, indicating a growth of N166 billion or 1.11 per cent.

The market reversal was due to the gain posted by Nestle, which led the gainers’ table, increasing by N25 to close at N1, 345 per share. Beta Glass followed with a gain of N3.40 to close at N72.10, while Zenith International Bank gained N1.50 to close at N31.50 per share.

Nigerian Breweries appreciated by N1.20 to close at N129, while Flour Mills Nigeria added 90k to close at N32.40 per share.

Conversely, Total topped the losers’ chart, dropping by N1 to close at N229 per share. Forte Oil trailed with a loss of 80k to close at N45, while Okomu Oil Palm depreciated by 50k to close at N72 per share.

Dangote Cement recorded a loss of 30k to close at N258.40, while NASCON shed 25k to close at N20.75 per share.

Skye Bank was the most active stock as it traded 113.19 million shares valued at N121.95 million. FCMB Group followed with an account of 54.11 million shares worth N146.09 million, while United Bank for Africa traded 41.93 million shares valued at N487.57 million.

Diamond Bank accounted for 38 million shares worth N104.89 million, and Guaranty Trust Bank exchanged 36.76 million shares valued at N1.63 million.

In total, investors traded 520.74 million shares worth N4.72 billion transacted in 5,694 deals in contrast with a total of 470.52 million shares valued at N3.68 billion sold in 6,309 deals on Tuesday.