Nigerian stocks creep back to positive territory as big-cap stocks lead rally

Nigerian stocks were up by 0.63 per cent or N127.9 billion on Wednesday as investors regained morale after a significant loss at the previous trading dented confidence.

The upbeat close rested on gains by sector leaders Dangote Cement, Nestle and Nigerian Breweries. Still, the cumulative appreciation recorded was not enough to offset half of the damage done to market capitalisation, meaning it will take days of relentless rebound for the Nigerian Stock Exchange to move from a negative year-to-date return to positive.

The industrial goods index was at top of the sectorial performance pecking order, climbing 1.74 per cent to 1,957.07 points to the lead four other sectors.The benchmark index rose 244.40 points to 38,931.25 point while market capitalisation leapt to N20.369 trillion. Year to date, the index is down by 3.33 per cent.Morison led the flock of advancers, appreciating by 9.72 per cent to close at N0.79. Champion Breweries added up 8.91 per cent to end trade at N2.20. Neimeth went up by 8.

was the most traded stock with 74.8 million of its shares worth N523.4 million exchanging hands in 14 deals.

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