Chinwendu Obienyi
Despite the social unrest , transactions on the floor of the Nigerian Stock Exchange (NSE) rebounded by 0.40 per cent following price appreciation in the shares of some bellwethers at the close of trading yesterday.
Sell pressures had dominated Wednesday’s trading session, although the All Share Index (ASI) rose by 0.40 per cent to close at 28,563.87 points while market capitalisation increased to N14.929 points.
Commenting on the outcome of the day’s transaction, analysts at Afrinvest, said, “We expect the market to close the week on a bearish note”. At the sound of the closing gong, 21 stocks appreciated while 12 others depreciated in value. UACN topped the gainers’ chart with 8.33 per cent to close at N7.15 per share, Union Diagnostics followed with 8 per cent to close at 0.27 kobo, FCMB increased 7.96 per cent to close at N2.44, UCAP gained 6.44 per cent to close at N3.80 while Neimeth garnered 5.26 per cent to close at N1.80.
On the other hand, Wapic topped the losers’ chart with 9.09 per cent to close at 0.40 kobo per share. UAC-Prop was next with 3.66 per cent to close at 0.79 kobo, Glaxosmithkline dropped 3.57 per cent to close at N5.40, International Breweries lost 2.95 per cent to close at N6.25 while Fidelity Bank fell by 2.50 per cent to close at N1.95.
Further analysis showed that the volume and value of stocks traded stood at 311.33 million units and N4.69 billion respectively, exchanged in 3,375 deals compared to 326.6 million units and N4.2 billion respectively, exchanged in 4,367 deals in the previous session.
The most traded stocks by volume were UBA (72.4 million units), Zenith Bank (27.2 million units) and UACN (22.2 million units) while Zenith Bank (N568.2 million), UBA (N506.8 million) and GT Bank (N472.6 million) led by value.