Nigeria’s equities market rerouted north on Wednesday as investors bought Okomu Oil Palm Plc and other stocks. The Nigerian Exchange Limited (NGX) All Share Index (ASI) increased by 1.99percent on Wednesday, while the value of listed stocks on the Exchange increased by N557billion. The market’s year-to-date (YtD) positive return rose to 23.70percent.
Market watchers had predicted a rebound in Wednesday’ session on the premises that investors will buy up some of the fundamentally sound names which had lost in Tuesday’s trading session.
Our trend watch this week shows that the market which has seen two trading days of gains as against one day of loss has gained about N1.025trillion after rising 3.73percent week-to-date (WtD).
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and market capitalisation increased from preceding day’s lows of 51,805.41 points and N27.928trillion respectively to 52,838.45points and N28.485trillion.
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The share price of Okomu Oil increased most on Wednesday by N18.70 or 10percent, from N187 to N205.70; followed by Industrial & Medical Gases Nigeria which increased by 85kobo or 9.88percent, from N8.60 to N9.45; and Champion Breweries which increased by 40kobo or 9.93percent, from N4.03 to N4.43.
“As expected, investors returned to the market to mop up some of the previous session’s losers, focusing on the fundamentally sound names,” said analysts at Lagos-based Vetiva. They do foresee some profit-taking in Thursday’s session, while remaining expectant of a green close.
In 7,255 deals, investors exchanged 417,386,362 units valued at N7.331billion. Jaiz Bank, Transcorp, International Breweries, Unilever and Fidelity Banks were most traded stocks on the Nigerian Bourse.
