Stock Market Ends Downtrend As Unilever, 19 Others Gain

Transaction activities on the Nigerian equity market on Wednesday halted the three-day negative sentiment following gains recorded by Unilever Nigeria Plc and 19 other firms.

The major market performance measures, the NSE All Share Index and market capitalisation, rose by 0.57 per cent as market sentiments returned to gaining streaks following positive sentiment on undervalued stocks.

The market breath closed with20 gainers while decliners closed with eight.

Consequently, the All-Share Index gained 13.54 basis points or 0.57 per cent to close at 23,709.44 as against 23,695.90 recorded the previous day while the market capitalisation of equities appreciated by N7bn or 0.57 per cent to close at N12.356tn from N12.349tn. Market also sentiment returned to the green zone.

Meanwhile, a turnover of 159.24 million shares exchanged in 3,573 deals was recorded in the day’s trading.

Premium subsector was the most active (measured by turnover volume) with 82.46 million shares exchanged by investors in 1,371 deals.

Volume in the subsector was largely driven by activities in the shares of Access Bank Plc and FBNH Plc.

Insurance subsector boosted by activities in the shares of Regency Alliance Plc and Lasaco Insurance Plc followed with a turnover of 17.69 million shares in 114 deals.

Unilever Nigeria Plc led the gainers’ table with a gain of 9.96 per cent to close at N12.70 per share while Mobil Nigeria Plc followed with a gain of 9.94 per cent to close at N176.90 per share. May and Baker Plc added 9.70 per cent to close at N2.94 per share.

On the other hand, Union Dicon Plc and Jaiz Bank Plc led the price losers’ table, dropping 6.45 per cent each to close at 29 kobo and 58 kobo per share respectively.

Champion Breweries Plc followed with 6.17 per cent to close at 76 kobo per share while AIICO Insurance Plc trailed with a loss of 4.12 per cent to close at 93 kobo per share.