The Nigerian Equities market on Thursday reversed the negative trend of prior trading sessions as lead indicator- the NSE All-Share Index appreciated 0.08 percent to close at 28,031.90 basis points in comparison to 0.95 percent lost in previous session when the ASI closed at 28,009.40 basis points. The year to date returns stands at -2.13 percent.
Consequently, investors on the Nigerian equities market gained N7.7 billion as market capitalization closed at N9.628 trillion compared to N92.2 billion lost on Wednesday when market capitalisation closed at N9.620 trillion.
The bullish movement on the market was consequent on bargain hunting in 7up Plc that gained N12.2 to close at N158 per share, Seplat Petroleum Development Company Plc which added N3.5 to its share price to close at N350 per share, and Conoil Plc that grew by N2.9 to close at N35.9 per share.
Dangote Cement Plc and Forte Oil Plc likewise appreciated N1.99 and N1.4 respectively to close at N183 and N159.9 per share each.
Investor sentiment remained negative as market breadth closed with 20 gainers to 23 losers.
Conoil Plc led the day’s gainers with an appreciation of 8.79 percent or N2.90kobo to close at N35.90kobo per share. This was followed by 7up Plc that added 8.37 percent or N12.20kobo to close at N158 per share. Flourmill Plc grew by 4.99 percent or N1 to close at N21.05 per share, as Caverton Plc improved by 4.69 percent or 3 kobo to close at 67 kobo per share, while Union Bank of Nigeria appreciated 3.86 percent or 17 kobo to close at N4.57 per share.
On the other hand Wapco (Lafarge) Plc led the list of declining stocks as it fell by 9.49 percent or N5.20 to close at N49.60 per share, Ashaka Cement Plc followed with a decline of 7.62 percent or N1.24kobo to close at N15.03kobo per share.
Oando Plc dropped by 5 percent or 28 kobo to close at N5.32kobo per share, while Continental Reinsurance Plc decreased by 4.76 percent or 5 kobo to close at N1 per share while Cutix Plc recorded a depreciation of 4.69 percent or 10 kobo to close at N2.03 per share.
Market activity as measured by Volume and Value traded in 3,366 deals, settled at 348.8 million units and N2.645 billion respectively in contrast to 187.2 million units and N1.5 billion traded previously.
Trading in the Top Three equities were Access Bank Plc with the sale of 77.1 million shares worth N416.6 million. Fidelity Bank Plc came second following the sale of 42.4 million units of shares valued at N39.7 million and Custodian and Allied Insurance Plc sold 36.0 million units worth N145.9 million.