The Nigerian Stock Exchange returned to gains as the Central Bank of Nigeria released the much-awaited framework for the foreign exchange market.
The All-Share Index rallied by 3.17 per cent owing to this development, which boosted the NSE market capitalisation by N295bn as capitalisation rose to N9.579tn from N9.284tn, while the NSE ASI hits 27,891.96 basis points from 27,034.05 basis points.
An aggregate of 588.427 million shares worth N3.477bn were traded in 5,088 deals at the close of trading on the floor of the Exchange.
The highest index point attained in the course of trading was 27,891.96 basis points, while the lowest and average index points were 27,034.05 and 27,309.39 basis points, respectively.
The market recorded 33 gainers, while just 10 stocks appeared on the losers’ table.
NEM Insurance Company Nigeria Plc, Guaranty Trust Bank Plc, FCMB Group Plc, Skye Bank Plc and Transnational Corporation of Nigeria Plc emerged as the top five gainers.
NEM shares appreciated by N0.10 (9.52 per cent) to close at N1.15 from N1.05, while those of the GTB recorded a gain of N1.44 (7.78 per cent) to close at N19.95 from N18.51.
The share price of First City Monument Bank closed at N1.68 from N1.56, soaring by N0.12 (7.69 per cent), while Skye Bank shares appreciated N0.08 (7.14 per cent) to close at N1.20 from N1.12.
Transcorp share price also rose by N0.09 (6.62 per cent) to close at N1.45 from N1.36.
Other gainers were United Bank of Africa Plc, Diamond Bank Plc, FBN Holdings Plc, Zenith Bank Plc, Oando Plc, Guinness Nigeria Plc, Dangote Cement Plc, Mobil Oil Nigeria Plc, Unity Bank Plc, Dangote Sugar Refinery Plc, Tiger Branded Consumer Goods Plc, Fidelity Bank Plc, Airline Services and Logistics Plc, Nigerian Breweries Plc, May & Baker Nigeria Plc, DN Meyer Nigeria Plc and AIICO Insurance Plc.
Livestock Feeds Plc, Access Bank Plc, Champion Breweries Plc, Honeywell Flour Mill Plc, United Capital Plc, Eterna Plc, Wema Bank Plc, Fidson Healthcare Plc, Africa Prudential Registrars Plc, Sterling Bank Plc and Stanbic IBTC Holdings Plc also recorded gains in their share prices.
On the other hand, University Press Plc, Glaxo Smithkline Consumer Nigeria Plc, Neimeth International Pharmaceuticals Plc, Ecobank Transnational Incorporated and Cutix Plc emerged as the top five losers.
University Press shares dipped by N0.22 (4.99 per cent) to close at N4.19 from N4.41, while those of GSK closed at N15.64 from N16.44, losing N0.80 (4.87 per cent).
Similarly, Neimeth share price plunged by N0.04 (4.65 per cent) to close at N0.82 from N0.86, while that of Ecobank fell to N16.40 from N17.20, losing N0.80 (4.65 per cent).
Also, Cutix recorded a loss of N0.07 (4.24 per cent) on its share price to close at N1.58 from N1.65.
Other losers were International Breweries Plc, Flour Mills Nigeria Plc, Continental Reinsurance Plc, UACN Plc and NPF Microfinance Bank Plc.
Nigerian stocks rallied across all sectors on Wednesday’s session courtesy of the clarity from the CBN on the new foreign exchange framework, which lifted investor confidence towards market close.
Global markets reversed previous losses as investor’s eyed the conclusion of the United States Federal Reserve’s two-day meeting, shrugging off concerns about the possibility of a Brexit vote.
The financial services (+3.96 per cent) and consumer goods (+2.37 per cent) sectors bounced back into positive territory, championed by gains in heavy weights GTB, Zenith Bank, among others. Similarly, the industrial goods (+0.64 per cent) and oil and gas (+1.07 per cent) sectors remained in the green, led by advances in Dangote Cement, Oando and Mobil.
UBA topped the volume and value charts trading 197 million units worth N866m.
The NSE ASI and NSE 30 gained 3.17 per cent and 3.10 per cent, putting year-to-date returns at -2.62 per cent and -3.86 per cent respectively. Value and volume of transactions were above May averages by 47 per cent and 55 per cent respectively.
Responding to the market performance, analysts at Vetiva Capital Management Limited, said, “We expect the renewed market confidence amidst the clarity on currency market framework to stir the NSE ASI to another strong close in the session ahead.”