The equity market on the floor of the Nigeria Stock Exchange rallied on Wednesday as key market indicators, the All-Share Index and market capitalisation, appreciated by 0.27 per cent each, after trading negative for seven consecutive days.

The ASI appreciated by 92.81 basis points or 0.27 per cent to close at 34,208.30 basis points as against 34,115.49 basis points recorded on Tuesday, while the market capitalisation of the listed equities was up by N31.519bn to close at N11.617tn, compared with N11.585tn recorded the previous trading day.

The rebound was attributed to the rally in highly capitalised banking stocks. Zenith Bank improved by 2.5 per cent, Ecobank Transnational Incorporated gained 2.3 per cent, Guaranty Trust Bank gained two per cent, while FBN Holdings grew by 0.6 per cent.

Other large-cap counters such as Oando and the Nigerian Breweries appreciated by 0.6 per cent and 0.2 per cent, respectively.

At the close of trading on Wednesday, investors bought and sold 350.712 million shares valued at N3.352bn in 4,146 transactions, compared to 525.930 million shares valued at N3.289bn in 4,364 transactions recorded on Tuesday.

The financial services sector accounted for 290.381 million shares valued at N1.93bn in 2,147 deals, as against 471.152 million shares valued at N2.497bn in 2,408 deals recorded the previous day.

However, in the banking sub-sector, investors bought and sold 179.208 million shares valued at N1.134bn in 1,262 transactions, as against 427.020 million shares valued at N2.344bn in 1,593 deals recorded on Tuesday.

Seven-UP Bottling Company Plc led 19 others on the gainers’ table as it appreciated by 810 kobo to close at N170.10 per share, followed by Guinness Nigeria, which gained 500 kobo to close at N160.00 per share.

Beta Glass added 300 kobo to close at N33.00 per share; Mobil Nigeria increased by 130 kobo to close at N151.30 per share; while GlaxoSmithKline Consumer gained 100 kobo to close at N56.00 per share.

Total Nigeria led the decliners’ table on Wednesday as it depreciated by 190 kobo to close at N155.00 per share; followed by Forte Oil, which lost 100 kobo to close at N152.00 per share. PZ Cussons went down by 97 kobo to close at N28.01 per share; Flour Mills of Nigeria declined by 50 kobo to close at N35.00 per share; while Dangote Cement dropped 50 kobo to close at N177.50 per share.