20 stocks record losses as market appreciates by N22bn
Trading on the floor of the Nigerian Stock Exchange closed on a positive note on Wednesday, after the two-day public holiday declared by the Federal Government.
The stock market appreciated by N22bn despite losses in 20 stocks.
The NSE market capitalisation rose to N9.495tn from N9.473tn recorded last Friday, while the All-Share Index closed at 27,642.13 basis points from 27,577.52 basis points.
A total of 182.298 million shares valued at N1.788bn exchanged hands in 2,776 deals.
Following the two-day break, the NSE ASI rose by 0.23 per cent lifted by gains across industrial and consumer goods companies.
The industrial goods sector was up by 0.48 per cent largely on the back of a positive close in Dangote Cement Plc’s shares (0.87 per cent). Likewise, the consumer goods sector climbed higher following gains in the stocks of Unilever Nigeria Plc (4.99 per cent), Champion Breweries Plc (0.241 per cent) and Dangote Flour Plc (2.37 per cent gain).
The financial services sector, however, shed some weight owing to losses in the shares of Diamond Bank Plc (5.83 per cent), Sterling Bank Plc (4.95 per cent) and FCMB Group Plc (4.48 per cent).
The oil and gas sector closed flat after a rally by Conoil Plc (10.17 per cent) and an advance in Oando Plc (two per cent) were watered by a decline in Seplat Petroleum Development Company Limited (1.54 per cent).
Market breadth turned negative with 18 advances and 20 declines.
Noting that the NSE ASI rode on gains in a few bellwether stocks to close higher on Wednesday’s session, analysts at Vetiva Capital Management Limited said, “We do not overrule the possibility of a reversal in the coming session as we think the relatively lower volume traded and the negative market breadth suggest that sentiment remain weak.”
Global markets traded mixed, with speculations over when the United States Fed could raise interest rates, keeping investors on the edge.