Nigeria’s equity market gains 1.04%, ending two consecutive day loss
The Nigerian equities market buck the trend on Wednesday, gaining 1.04 percent after two consecutive day of lagging and narrowed the year-to-day loss to 6.34 percent at the end of trading.
The All-Share Index closed higher at 25,141.48 points while the NSE-30 Index traded higher by 0.15 percent, driven by appreciation in the share prices of Seplat Petroleum, Guinness and and Fidelity Bank.
The market capitalisation of equities listed on the Nigerian Stock Exchange (NSE) rose to N13.115 trillion compared to N12.98 trillion previously.
The total volume traded at the close of the market stood at 204.878 million units valued at N3.83 billion in 3,636 deals.
Seplat petroleum shares rose 10 percent at the close of market, while Guinness Nigeria increases 6.21 percent, Okomu Oil climbed 3.90 percent and Fidelity Bank rose by 1.67 percent.
Analysts said the gain in the shares of Seplat Petroleum, which is also listed in London was influenced by the recovery in the global oil prices.
Oil’s rally on Wednesday followed an industry report showing U.S. crude inventories last week fell more than analysts had expected, bolstering expectations fuel demand in the world’s biggest economy can weather the COVID-19 pandemic.
The earnings season in Nigeria kicked off last month with investors watching results closely to determine the extent of the damage inflicted by the pandemic on businesses.
A total of 18 firms advanced while 11 declined and more than 100 others recorded no trades.
Other top gainers were Cadbury and Airtel Africa, the third-biggest listed firm, which rose more than 9%.