The Nigerian equities market returned to positive territory on Wednesday as renewed buying interest lifted the benchmark index after two consecutive sessions of losses.
The Nigerian Exchange All-Share Index (ASI) rose by 0.06 percent to 247,673.65 points, up from 247,513.63 points recorded in the previous session.
This represented an increase of 160.02 points and halted the market’s decline after the index fell 0.25 percent on Monday and another 0.09 percent on Tuesday.
Equity market capitalisation also increased to approximately N160.812 trillion, compared with N160.708 trillion in the previous session.
However, trading activity weakened even as the market recovered.
Investors exchanged 314.91 million shares worth N28.59 billion in 30,956 deals, compared with 394.20 million shares valued at N21.38 billion across 38,707 deals on Tuesday.
This means trading volume declined by about 20.1 percent, while the number of transactions fell approximately 20 percent.
Despite the lower activity, transaction value jumped 33.7 percent, suggesting that Wednesday’s turnover was concentrated in higher-value trades.
Austin Laz & Company led the gainers after rising 10 percent from N2.20 to N2.42.
E-Tranzact International followed with a 9.76 percent increase to N15.75, while Livestock Feeds extended its recent rally by another 9.71 percent to N16.95.
Capitalfield Financial Management gained 9.60 percent to N3.54, while FTG Holdings Insurance advanced 9.37 percent to N1.75.
On the other side of the market, UPDC Real Estate Investment Trust led the decliners, dropping 9.96 percent from N26.10 to N23.50.
UPDC declined 6.02 percent to N3.90, Regal Insurance fell 4.88 percent to N0.78, Veritas Kapital Assurance lost 3.57 percent to N1.08, while R.T. Briscoe shed 3.14 percent to close at N9.25.
Access Holdings dominated trading activity with 99.37 million shares worth N2.75 billion, accounting for about 31.6 percent of the entire market volume.
Zenith Bank followed with 17.77 million shares valued at N2.27 billion, while Livestock Feeds recorded 13.38 million shares worth N214.16 million.
GTCO traded 12.17 million shares valued at N1.56 billion, while UBA completed the five most active stocks with 11.74 million shares worth N504.70 million.
Wednesday’s marginal recovery leaves the market searching for stronger momentum after the losses recorded at the beginning of the week with the sharp increase in transaction value showing that substantial capital remained active despite the decline in overall trading volume.
