Nigeria’s equities market defies prediction with mild gain of N4bn

Nigeria’s equities market closed slightly in the positive region on Wednesday, defying most analysts’ prediction of another red close.

After records of negative closes, many investors may have started leveraging the reentry opportunities low priced but fundamentally sound stocks offer bargain hunters.

The market’s benchmark performance indicator – All Share Index (ASI) closed Wednesday at 38,774.03 points, up by 0.02percent from preceding trading day low of 38,766.61 points; also, equities value increased by N4trillion from N20.282trillion to N20.286trillion.

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The record gain moderated year-to-date (Ytd) negative return to -3.72percent.

Stocks like Flour Mills and Jaiz Bank helped the market close in green zone.

Jaiz Bank led the gainers after its price moved from 60kobo to 66kobo, adding 6kobo or 10percent, while Flour Mill moved from N29 to N31, adding N2 or 6.90percent. Sterling Bank led the laggards list after its share price dipped from day-open high of N1.69 to N1.53, losing 16kobo or 9.47percent.

Bond market capitalisation closed at N17.880trillion, while that of Exchange Traded Fund (ETF) stood at N21.737billion. In 6,130 deals, equity traders exchanged 356,461,102 units valued at N4.193billion. Zenith Bank, Access Bank, Transcorp, GTBank and Mutual Benefit were most traded stocks on Wednesday.