Activities on the Nigerian Stock Exchange maintained positive trend on Wednesday with crucial market indices growing further by 0.14 per cent.
Specifically, the market capitalisation inched by N18 billion or 0.14 per cent to close at N12.923 trillion against the N12.905 trillion achieved on Tuesday.
Also, the All-Share Index, which opened at 26,739.44, rose by 36.71 points or 0.14 per cent to close at 26,776.15.
The upturn was impacted by gains recorded in medium and large capitalised stocks of Nigerian Breweries, Conoil, UBA, FBN Holdings and Access Bank.
Consequently, the Month-to-Date return increased to +1.60 per cent, while the Year-to-Date loss moderated to -14.81 per cent.
Commenting on market performance, Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said that the market would continue to experience mixed performance.
“We expect mixed performance to continue, profit-taking and repositioning in value stocks as market players digest the rising inflation and its impacts on investment returns,” Omordion said.
He said that the changing sentiments in expectation of improved liquidity as interest rates drop in the money market ahead of the MPC meeting should guide investors.
According to him, the current undervalued state of the market offers investors opportunities to position for short and medium-to-long-term.
The News Agency of Nigeria reports that the market breadth closed positive with 24 price gainers and price 10 losers.
Chams led the gainers’ chart in percentage terms, appreciating by 10 per cent, to close at 33k per share.
LearnAfrica followed with a gain 9.48 per cent to close at N1.27, while Conoil increased by 9.47 per cent to close at N18.50 per share.
Cornerstone Insurance garnered 9.38 per cent to close at 70k, while NPF Microfinance Bank appreciated by 9.09 per cent to close at N1.20 per share.
Conversely, NASCON led the price losers’ chart in percentage terms with a loss of 5.72 per cent to close at N14 per share.
Lasaco Assurance followed with a decline of 3.57 per cent to close at 27k, while Wapic Insurance dipped by 2.86 per cent to close at 34k per share.
Unity Bank lost 2.78 per cent to close at 70k, while AIICO Insurance shed 2.74 per cent to close at 71k per share.
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