The crucial market indices of the Nigerian Stock Exchange rebounded on Wednesday with 0.39 per cent after dropping for five trading sessions.
The News Agency of Nigeria reports that the growth is due to bargain hunting by investors on some middle and large capitalised equities.
Specifically, the All Share Index rose by 105.95 or 0.39 per cent to close at 27,153.53, against 27,047.58 recorded on Tuesday.
Also, the market capitalisation inched up by N52 billion or 0.39 per cent to close at N13.209 trillion in contrast with N13.158 trillion on Tuesday.
The upturn was impacted by gains recorded in medium and large capitalised stocks, among which are Nestle Nigeria, Seplat, Cement Company of Northern Nigeria, May and Baker Nigeria and FCMB Group.
Analysts at Afrinvest Limited said that in spite the positive performance of the benchmark index, they expected market performance to be bearish in subsequent sessions in the absence of any market catalyst.
Nevertheless, they added that they did not rule out the possibility of bargain hunting activities.
Market breadth closed positive as 19 stocks recorded gains against 13 losers.
May and Baker Nigeria recorded the highest price gain of 10 per cent, to close at N2.09 per share.
Union Diagnostic & Clinical Services followed with a gain of 8.70 per cent to close at 25k, while UAC Property Development Company appreciated by 5.93 per cent to close at N1.25 per share.
FCMB Group went up by 5.81 per cent to close at N1.64, while Seplat appreciated by 5.63 per cent to close at N450, per share.
Conversely, Chams and Livestock Feeds led the losers’ chart by 7.69 per cent each, to close at 24k and 39k per share, respectively
Linkage Assurance followed with a decline of 5.77 per cent to close at 49k per share.
AIICO Insurance lost 4.69 per cent to close at 61k, while AXA Mansard Insurance shed 2.78 per cent to close at N1.75 per share.
However, the volume of shares traded closed lower with a turnover of 211.52 million shares, worth N1.45 billion in 4,365 deals.
This is in contrast with a turnover of 364.22 million shares valued at N4.86 billion traded in 4,629 deals on Tuesday.
Transactions in the shares of Courteville Business Solutions topped the activity chart with 35.20 million shares valued at N7.74 million.
Sterling Bank came second with 34.69 million shares worth N78.09 billion, while Access Bank accounted for 29.95 million shares valued at N208.42 million.
Transcorp traded 15.85 million shares worth N16.05 million, while United Bank for Africa sold 12.47 million shares valued at N77.46 million.