By Chinyere Joel-Nwokeoma
Lagos – The Nigerian Stock Exchange (NSE) on Wednesday resumed for the second half of the year on a positive trend, growing by 0.47 per cent.
Specifically, the All-Share Index inched higher by 115.83 points or 0.47 pe cent to close at 24,595.05 against 24,479.22 recorded on Tuesday.
Also, the market capitalisation grew by N61 billion to close at N12.830 trillion against N12.769 trillion achieved on Tuesday.
The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; BUA Cement, Cadbury, Lafarge Africa, Sterling Bank and PZ Cussons.
Analysts at Afrinvest Limited expected bargain hunting to lift the benchmark index in subsequent trading session.
Analysts at APT Securities and Funds Limited said: “We expect a slow down in market activity in a short while before positive rally picks up in mid to long term owing to anticipating half year earnings release.”
Cadbury dominated the gainers’ chart in percentage terms with a gain of 9.63 per cent, to close at N7.40, per share.
Sterling Bank came second with 9.60 per cent to close at N1.37, per share.
Chams and Japaul Oil rose by 9.52 per cent each to close at 23k per share each, while BUA Cement appreciated by 8.53 per cent to close at N42, per share.
Conversely, Neimeth International Pharmaceuticals led the losers’ chart in percentage terms, dropping by 9.70 per cent, to close at N1.49, per share.
Learn Africa followed with a loss of 7.69 per cent to close at N1.08, while Wapic Insurance declined by 5.71 per cent to close at 33k, per share.
Wema Bank dipped 3.70 per cent to close at 52k, while Jaiz Bank shed 3.51 per cent to close at 55k, per share.
Transactions in the shares of Wapic Insurance led the activity chart with 30.28 million shares valued at N11.19 billion.
UPDC Real Estate Investment Trust accounted for 22.79 million shares worth N79.68 million, while United Bank for Africa traded 20.20 million shares valued at N123.51million.
Transcorp sold 19.38 million shares worth N12.76 million, while Chams transacted 11.65 million shares valued at N2.59 million.
In all, the volume of shares traded as investors bought and sold 198.01 million shares, worth N1.04 billion exchanged in 3,772 deals.
This was in contrast with a total of 280.67 million shares valued at N3.14 billion achieved in 4,464 deals on Tuesday.