Nigeria’s equities markets gained about N165 billion on Wednesday as investors saw an opportunity for re-entry in value stocks that are currently priced low.
Investors’ interest in stocks like BUA Cement, FBN Holdings, and other top advancers pushed the market to a positive close.
BUA Cement rose from N142.95 to N150, up by N7.05 or 4.934.93 percent, while FBN Holdings went up from N26.10 to N28.70, adding N2.60 or 9.96 percent.
Meanwhile, Okomu Oil Palm led the league of decliners after its share price dropped from a high of N270 to N243, losing N27 or 10 percent.
The market has risen this year by 35.56 percent, while this month it is up by 0.21 percent. Week-to-date (WtD), the market has dropped by 4.12 percent.
At the close of trading, the market was up by 0.30percent as its benchmark Index and equities value rose to 101,362.38 points and N 55.463 trillion from the preceding day’s lows of 101,060.67 points and N55.298 trillion.
In terms of trade on the floor of the NGX, overall trade value a negative movement is witnessed, with a decline of 1.2%. This amounted to N6.55 billion.
On the other hand, the overall trade volume trended positively, increasing by 18.18% to reach 302.74 million units traded through 8,6111 deals.
The market defied market watchers’ expectation that the bearish trend seen since this week to continue.
In 8,611 deals, investors exchanged 302,739,517 shares valued at N6.552billion. FBN Holdings, Japaul Gold, Transcorp, Veritas, and GTCO were actively traded stocks.
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