The topsy-turvy at the Nigerian stock market again turned positive on Wednesday as demand for agro-allied stocks enlivened the overall market situation.
Against the background of N81 billion loss on Tuesday the market recorded a net capital gain of N14 billion on Wednesday. It had recorded a gain of N114 billion in the first trading session of the week.
With 19 gainers to 16 losers, the positive market situation was driven by widespread buying sentiments, especially within the agricultural sectors. The All Share Index (ASI)-the value-based index that tracks prices at the Nigerian Stock Exchange (NSE) indicated average day-on-day gain of 0.15 per cent, rising from 26,346.24 points to close at 26,385.80 points.
Aggregate market value of all quoted companies on the Exchange also increased slightly from N9.065 trillion to close at N9.079 trillion. The rally moderated the negative average year-to-date return to -1.82 per cent.
Agricultural stocks led the rally. Okomu Oil Palm led the gainers with a gain of N4.10 to close at N44.27. Presco, another palm oil plantation company, trailed with a gain of N4.09 to close at N44.19. Forte Oil rose by N1.73 to close at N81.49. Guaranty Trust Bank added 44 kobo to close at N24. Cadbury Nigeria chalked up 21 kobo to close at N9.49. Airline Services and Logistics and Eterna added 13 kobo each to close at N2.74 and N3.35 respectively while Access Bank rose by 10 kobo to close at N6.40 per share.
Guinness Nigeria continued to lead the decliners, dropping by N5.10 to close at N74.90. Julius Berger Nigeria followed with a loss of N1.92 to close at N36.66. Union Bank of Nigeria declined by 22 kobo to close at N5. Cement Company of Northern Nigeria dropped by 17 kobo to close at N4.23. UACN Property Development Company lost 15 kobo to close at N3. Cutix declined by 8.0 kobo to close at N1.63. Fidson Healthcare dropped by 6.0 kobo to N1.21 while Honeywell Flour Mills and United Bank for Africa slipped by 5.0 kobo each to close at N1.24 and N4.70 respectively.
Total turnover stood at 197.44 million shares valued at N1.05 billion in 3,410 deals. Union Bank of Nigeria was the most active stock with 34.12 million shares valued at N170.59 million. Diamond Bank followed with 27.97 million shares valued at N27.23 million while Transnational Corporation of Nigeria placed third with 22.6 million shares worth N20.36 million.
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