Amid renewed bargain hunting activity on Wednesday, the Nigerian stock market traded on a positive territory.
The All-Share Index advanced by 0.98 per cent to 39,085.78 basis points, even as the market capitalisation rose by 0.98 per cent to close at N 20.45.
Wednesday’s trading saw investors gain N199.24, while the year-to-date loss of the ASI lowered to -2.94 per cent.
Analysts were of the view that the renewed psentiment was as a result of positive corporate releases, even as 20 stocks recorded gains against 16 that declined.
“Specifically, we saw investors react positively to the full year 2020 corporate releases and dividend declaration, as tickers such as DangCem and Stanbic benefited from investors’ patronage,” analysts at Cowry Asset Management said.
The share prices of Dangote Cement and Stanbic IBTC Holdings rose by 2.27 per cent and 9.99 per cent respectively.
Three of the five indices tracked closed in the green zone.
The consumer goods, oil and gas and industrial indices rose by 0.73 per cent, 0.68 per and 0.65 per cent respectively, while the banking and insurance indices fell by 0.21 per cent and 0.56 per cent.
Trading activity was positive, as total deals, volume and value of stocks traded rose.
The total volume of trade rose by 30.53 per cent to 361.90 million units valued at N5.70bn in 4,018 deals.