By Dipo Olowookere
The Nigerian stock market rebounded 1.23% on Wednesday amid renewed buying pressures, particularly in the industrial goods sector driven by interest in shares of Dangote Cement.
The cement company gained 8.84% to close at N240.00 and was trailed by Chams, which rose 4.35% to trade at 24 Kobo. Coronation Insurance rose 2.86% to sell at 36 Kobo, Oando increased its value by 2.09% to N4.39, and the Nigerian Exchange Group (NGX) rose 1.50% to trade at 20.30N.
Conversely, MRS Oil lost 9.65% during the session to settle at 11.70 N, Trans Nationwide Express fell 9.33% to 68 Kobo, UPDC REIT fell 8.33 % to 2.75 N, Unity Bank fell 6.67% to 42 Kobo and UBA depreciated 4.93% to 6.75 naira.
Business post reports that despite gains in the mid-week session, investor sentiment remained weak as the trade ended with 23 price losers and nine price gainers, indicating negative market breadth.
This was due to heavy selling in key sectors of the exchange, with the insurance counter losing 1.07%. The banking index fell 0.90% and the consumer goods sector fell 0.18%.
However, the industrial goods space gained 3.98% and the energy sector rose 0.21%.
As a result, the All-Share Index (ASI) rose 537.29 points to 44,283.02 points from 43,745.73 points, and the market capitalization garnered N293 billion to close at N24,120 billion. , in contrast to Tuesday’s value of N23.827 billion.
During the session, share volume, trade value, and trade count depreciated by 10.10%, 61.97%, and 7.64%, respectively. Investors traded 155.4 million shares worth 1.5 billion naira in 3,796 deals, compared to 172.9 million shares worth 4.0 billion naira traded in 4,110 transactions during the previous session.
Sterling Bank recorded the highest trading volume, 24.3 million shares. Access Holdings traded 23.5 million shares, FBN Holdings traded 14.3 million shares, GTCO sold 10.2 million shares and Fidelity Bank traded 10.0 million shares.