Nigerian stocks rebound on continued demand for financial services stocks

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Nigerian stocks were up 0.26% on Wednesday, partially reversing the loss reported in the previous trading session as financials stocks largely bolstered their gains.

The broad index built its bullish performance on the appreciation recorded by shares of FBN Holdings and NGXGroup, with additional support from a few bank stocks.

A positive market breadth was recorded as 21 winners emerged against 18 laggards. The remaining 73 participating stocks saw no price movement.

Up 105.04 points, the all-equity index closed at 41,249.71, while market capitalization climbed to 21.5 trillion naira.

Since the start of the year, the index is up 2.43 percent.

THE FIVE BEST GAINERS

NGXGroup led the winners, rising 10 percent to close at 21.45 N. GSK gained 6.87 percent to close at N7. NPF Microfinance Bank rose 5.85 percent to N1.81. WAPIC jumped to 0.50 N, gaining 4.17 percent in the process. FBN Holdings rounded out the top 5, climbing 3.83% to N12.20.

TOP FIVE LOSERS

Prestige topped the losers, declining 8.51 percent to close at 0.43 N. The Academy fell 8.33% to end the day at 0.33 N. Consolidated Hallmark fell to 0.55 N, losing 8.33%. Cadbury fell to N8, recording a loss of 5.88%. Union Bank closed at N5, down 5.66 percent.

TOP 5 PROFESSIONS

A total of 499.5 million shares worth 5.1 billion naira were traded in 5,998 transactions.

FBN Holdings was the most preferred stock, trading 147.6 million shares worth 1.8 billion naira in 859 deals. Etranzact traded 105.2 million units estimated at 215.6 million naira in 9 transactions. Access had 27.9 million shares valued at N266 million traded in 288 transactions. Transcorp traded 22.3 million shares valued at 22.8 million naira in 153 transactions. GTCO traded 20.6 million shares valued at N612.9 million in 400 transactions.

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