By Omobayo Azeez
After several sessions of negative results, the bulls dared to resurface at the Nigerian stock market on Wednesday to return stock index northward, leading to a 0.12 per cent rise in the market value.
With the weak recovery, investors recouped N16 billion at the end of midweek trading to see market capitalisation close higher at N12.850 trillion.
Similarly, benchmark index, the All Share Index (ASI), closed higher at 26,397.94bps, thereby moderating month-to-date (MtD) and year-to-date (YtD) returns on the equities to -4.46 per cent and -16.01 per cent respectively.
However, bears maintained a hold of the market breadth as 11 losers emerged against nine gainers at the close of the market, while the turnover for the session trailed the red lane as volume traded plunged by 58.08 per cent to 290.94 million, while total value of traded equities
contracted by 65.30 per cent at NGN2.78 billion in 2,668 deals.
Meanwhile, sectoral indices failed to portray the All Share Index momentum as they were all deflated except for the Lotus and ASEM indices that gained 0.32 per cent and 3.56 per cent respectively.
Analysts at Cordros Capital observed that late interest in DANGCEM drove the market to the positive return posted at the close of the session
The top gainers for the session were Dangote Cement, gaining N2.3 to close at N146.2 per share, and UBA with N0.15 gained to close at N5.85 per share while FBNH, UAC-Prop and OmomorBnk gained N0.10, N0.09 and No.o5 to close at N5.40, N1.09 and N0.55 per share respectively.
On the flip side, WAPCO, ACCESS, ZENITH, GUARANTY and Oando shed N0.45, N0.25, N0.25, N0.20 and N0.10 to close at N14.70, N7.10, N17, N26.10 and N3.40 per share respectively.
In the bond market, yield continued its upward trajectory as it inclined by 1.12 per cent, indicating a persistence of downward movement in prices on continued lower demand flows.
On Wednesday, OBB and O/N rates went dovish to close at 4.43 per cent and 5.00 per cent, a depreciation of 38.56 per cent and 35.82 per cent respectively from previous levels.