The Equities Market on the NSE rallied to a +0.66% gain on Wednesday, as it clawed back some of the bruising loses endured on the previous trading session.
The activity level waned for the second consecutive day, as the volume of shares traded decreased by 25.61% to 186.22 millions units, and the value of stocks traded equally decreased by 20.32% to N1.85 billion. ZENITHBANK was the most traded stock by volume with 30.95mn units valued at N420.52mn. GUARANTY was the top traded stock by value with N486.79bn worth of shares (25.77mn) traded.
4 out of the 5 indices that we follow advanced with only one decliner. Insurance index was up 2.01%, Oil & Gas Index was up 0.22%, Banking Index up by 2.76% and the Industrial Goods Index up by 1.38%. Only the Consumer Goods Index declined by 0.12%.
NEM (N.E.M Insurance Plc), WAPCO (Lafarge Plc), and LIVESTOCK (Livestock Feeds Plc) were the top gainers on the day, appreciating by 10.00%, 9.66%, and 7.69% respectively. SKYAVN (Skyway Aviation Handling Company Plc), UNIONDAC (Union Diagnostic & Clinical Services Plc), and GUINNESS (Guinness Nig. Plc) were the top losers, with -8.16%, -6.45% and -6.40% respectively.
Going forward, we still maintain our negative outlook, as the prevailing economic conditions are not showing any signs of abetting.
Written by:
Basil Maduakor
