By Dipo Olowookere
The local stock exchange bounced back by 0.32 per cent on Wednesday after investors chew through the interest rate hike by the Central Bank of Nigeria (CBN) the previous day.
After perusing the implication of the CBN’s action on the economy and the market, traders embarked on bargain-hunting, helping the Nigerian Exchange (NGX) Limited to finish in the green territory at the close of transactions.
The banking index grew by 3.01 per cent in the midweek, the insurance counter appreciated by 0.12 per cent, and the industrial goods space rose by 0.07 per cent, while the consumer goods counter depreciated by 0.11 per cent, with the energy sector closing flat.
When trading activities ended for the day, the All-Share Index (ASI) went up by 331.17 points to 104,283.64 points from 103,952.47 points, and the market capitalisation increased by N187 billion to N58.963 trillion from N58.776 trillion.
Investor sentiment was bullish on Wednesday after the bourse ended with 29 price gainers and 20 price losers, representing a positive market breadth index.
CWG was the biggest price gainer during the session after it improved its value by 10.00 per cent to N7.15, Juli rose by 9.97 per cent to N9.49, FTN Cocoa expanded by 9.94 per cent to N1.77, Consolidated Hallmark jumped by 9.72 per cent to N1.58, and Livestock Feeds grew by 9.70 per cent to N1.81.
Conversely, Northern Nigerian Flour Mills ended the day as the biggest price loser after it shed 9.97 per cent to trade at N48.30, Prestige Assurance depreciated by 9.68 per cent to 56 Kobo, Omatek fell by 8.86 per cent to 72 Kobo, Veritas Kapital weakened by 8.57 per cent to 64 Kobo, and May & Baker declined by 8.33 per cent to N5.50.
A total of 488.6 million equities worth N12.2 billion exchanged hands in 10,171 deals yesterday compared with the 374.4 million equities valued at N11.3 billion traded in 8,689 deals the previous day, representing an improvement in the trading volume, value, and the number of deals by 30.50 per cent, 7.97 per cent, and 17.06 per cent apiece.
Access Holdings closed the day as the busiest stock after it transacted 83.6 million units valued at N2.0 billion, Zenith Bank traded 53.2 million units worth N2.3 billion, UBA exchanged 49.7 million units valued at N1.4 billion, GTCO traded 49.5 million units worth N2.5 billion, and Transcorp sold 48.1 million units for N646.5 million.