Seplat, Airtel Africa, Presco, Okomu Oil and Guinness were among stocks that appreciated Wednesday as Nigerian Stock Exchange (NSE) posted its first gain of the week.
Market capitalisation increased by N135 billion, closing at N13.115 trillion against N12.980 trillion on Tuesday.
The All-Share Index (ASI) increased by 257.78 points or 1.04 per cent to close at 25,141.48 compared with 24,883.70 achieved on Tuesday.
The uptick was caused by gains recorded in medium and large capitalised stocks.
Mr Ambrose Omordion, Chief Operating Officer InvestData Ltd., attributed the rebound to investors and traders positioning in anticipation of interim dividend payment by some companies.
Omordion said investors were focusing on portfolio adjustment and rebalancing by targeting companies with strong dividend potentials.
According to him, the current under value state of the market offers investors the opportunity to position for short, medium and long-term.
He, however, urged investors to target companies with strong fundamental for possible capital appreciation.
Consequently, market breath closed positive with 18 gainers and 11 losers.
Seplat led the gainers’ chart in percentage terms, gaining 10 per cent to close at N385 per share.
Cadbury followed with 9.93 per cent to close at N7.75, while Airtel Africa appreciated by 9.20 per cent to close at N380 per share.
Prestige Assurance improved by 8.89 per cent, to close at 49k while Neimeth International appreciated by 8.11 per cent to close at N2 per share.
Conversely, Champion Breweries dominated the losers’ chart in percentage terms, declining by 9.30 per cent to close at 78k.
Consolidated Hallmark Insurance came second with a loss of 8.11 per cent, to close at 34k per share.
Sunu Assurances Nigeria and Mutual Benefits Assurance shed 4.76 per cent each to close at 20k per share, respectively.
Access Bank lost 2.29 per cent to close at N6.40 per share.
However, the total volume dropped marginally as investors bought and sold 204.88 million shares worth N3.83 billion in 3,636 deals.
This was against 206.61 million shares valued at N2.48 billion shares transacted in 3,925 deals on Tuesday.
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 66.25 million shares worth N1.65 billion.
Access Bank followed with 24.01 million shares valued at N155.81 million, while Zenith Bank accounted for 15.21 million shares worth N255.33 million.
FBN Holdings traded 13.95 million shares valued at N70.63 million, while Sterling Bank sold 13.21 million shares worth N15.70 million.