The nation’s bourse on Wednesday overcame its negative posture growing by N128 billion following bargain buying in Dangote Cement and Nestle as well as news of the approval of demutualisation.
Specifically, the market capitalisation rose by N128 billion or 0.63 per cent to close at N20.369 trillion against N20.241 trillion recorded on Tuesday.
Similarly, the All-Share Index appreciated by 244.40 or 0.63 per cent to close at 38,931.25 from 38,686.85 achieved on Tuesday.
Consequently, the month-to-date and year-to-date losses moderated to 2.2 per cent and 3.3 per cent, respectively.
The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Nestle, Dangote Cement, Nigerian Breweries, May & Baker and Africa Prudential.
The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, attributed the reversal to high dividend yield due to price correction.
Omordion said bargain hunters were taking advantage of relatively low equity prices to increase their stake in the market.
He said the development coincided with the news of the approval of the demutualisation of the Nigerian Stock Exchange by the Securities and Exchange Commission and the Corporate Affairs Commission.
According to him, the news is expected to boost liquidity in the stock market.
The market recorded 23 gainers and 23 losers.
Morison Industries led the gainers’ chart in percentage terms, gaining 9.72 per cent to close at 79k per share.
Champion Breweries followed with 8.91 per cent to close at N2.20, while Neimeth International Pharmaceuticals rose by 8.85 per cent to close at N2.09 per share.
Mutual Benefits Assurance rose by 7.69 per cent to close at 42k, while Nigerian Aviation Handling Company appreciated by 6.64 per cent to close at N2.25 per share.
On the other hand, Consolidated Hallmark Insurance drove the losers’ chart in percentage terms by 10 per cent to close at 27k per share.
Eterna followed with a loss of 9.94 per cent to close at N4.62, while Conoil dropped 9.79 per cent to close at N17.05 per share.
Northern Nigeria Flour Mills lost 9.65 per cent to close at N5.15, while Livestock Feeds shed 9.57 per cent to close at N1.70 per share.
Meanwhile, the total volume traded declined by 34.1 per cent to 368.22 million shares worth N4.91 billion traded in 4,437 deals.
This was in contrast with 489.98 million shares valued at N6.65 billion exchanged in 4,616 deals on Tuesday.
Transactions in the shares of United Bank for Africa topped the activity chart with 74.84 million shares worth N523.36 million.
FBN Holdings came second with 65.36 million shares valued at N467.82 million, while Guaranty Trust Bank traded 34.34 million shares worth N1.06 billion.
Sovereign Trust Insurance traded 34.22 million shares valued at N9.85 million, while Japaul Gold & Ventures transacted 15.53 million shares worth N7.15 million.