Investors recover N128bn in share trades worth N10.6bn

By Omobayo Azeez

The Nigerian stock market rebounded by gaining N128 billion to afford investors some respite at the end of midweek trading on Wednesday.

The equities benchmark index soared by 1.09 per cent as  it added 246.5 points to close at 22,789.64 basis points while market capitalisation appreciated in the same percentage points to close at N11.876 trillion from N11.748 trillion it close the previous session.

Market breadth favoured the bulls as 19 stock gained and 14 lost value while the market turnover also appreciated as value of trade rose by 31.26 per cent relative to the previous session.

MTN Nigeria led gainers with N9.5 to close at N104.5 per share. Others  are Guaranty with N1.30 to close at N20.90 per share; Cadbury with N0.55 profit to close at N6.25 per share while PC Cuzzion and Caverton gained N0.4 and N0.22 to close at N4.45 and N2.50 per cent respectively.

Conversely, Nestle led 13 other decliners as it shed N35.30 to close at N880 per share.

Other losers are OkomuOil, Dangote Cement. UACN and AfriPrud that lost N4.95, N4.30, N0.30 and N0.26 to close at N55.05, N133.40, N7.20 and N3.23 per share respectively.

The turnover for the midweek session was mostly driven by Guaranty with 177.751 million at N3.522 billion; Dangote Cement with traded 16.005 million to close at N1.994 billion and Zenith Bank with 147.008 million valued at N1.977 billion.

Investors closed the session by transacting 671.519 million worth N10.578 billion in 7,247 trades as against 675.911 million shares valued at N8.059 bullion that exchanged hands in 7,368 deals.