Nigerian stocks sustained previous day’s trading momentum on Wednesday as benchmark indices, the All-Share Index (ASI) rose by 1.53 percent to close at 38,435.29 points.
The gains also moderated the year-to-date losses to 5.5 percent.
Consequently, market capitalization gained N586.45 billion in the three days of positive trade to settle at N13.922 trillion.
The day’s performance was largely buoyed by a broad-based rally across sectors, with Nigerian Breweries growing by 4.94 percent, Oando 9.7 percent and Dangote Cement 0.9 percent being the main drivers.
Activity level was higher than previous session as volume traded in 5,285 deals inched 16 percent higher to 393 million units from 339 million units traded Tuesday, while the total value of sales grew by 12 percent to N6.674 billion from N5.964 billion worth of shares traded in 4,436 deals on Tuesday.
Investors concentrated their stakes on banking stocks, specifically in the shares of Zenith Bank Plc., Fidelity Bank Plc., United Bank for Africa Plc., Access Bank Plc. and Diamond Bank Plc., as they were the most active in terms of volume of shares traded.
Sector performance was completely bullish as all indices save one closed in the green. The industrial index appreciated the most, up 4.16 percent on the back of sustained interest in Dangote Cement (+0.9%) and WAPCO (9.35%).
The consumer goods index trailed, rising 2.51 percent on account of upticks in Nigerian Breweries (+4.94%) and Flourmill (+5.78%). Similarly, the banking, insurance and oil & gas indices rose 1.15 percent, 0.99 percent and 0.63 percent respectively.