Equities Market Rebounds As Bargain Hunting Lifts NSE Index Up 0.68%

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Lagos – The Nigerian stocks market yesterday reversed previous day’s loss, gaining 0.68 per cent on investors’ renewed interest in banking stocks.

The All-Share Index gained 208.49 basis points, representing a growth of 0.68 per cent to close at 31,007.25 points. Similarly, market capitalisation rose by N76 billion to close at N11.320 trillion.

The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Guaranty Trust Bank, United Bank for Africa (UBA), Stanbic IBTC Holdings, Zenith Bank and FBN Holdings.

Commenting at the end of trading, analysts at APT Securities and Funds Limited said they “expect the renewed interest in key sectors and a number of large caps to drive gains in the next trading session.”

Market breadth was positive, with 24 gainers versus 14 losers. AXA Mansard Insurance recorded the highest price gain of 9.89 per cent, to close at N2 per share. Diamond Bank followed with a gain of 9.86 per cent to close at 78 kobo, while University Press gained by 7.50 per cent to close at N2.15 per share.

United Bank for Africa went up by 6.67 per cent to close at N8, while Union Diagnostic & Clinical Services appreciated by 4.17 per cent to close at 25 kobo per share.

On the other hand, Linkage Assurance led the losers’ chart by 9.68 per cent, to close at 56 kobo, while Veritas Kapital Assurance followed with a loss of 9.09 per cent to close at 20 kobo, per share.

May and Baker Nigeria and Mutual Benefit Assurance depreciated by eight per cent, each to close at N2.30 and 23 kobo, respectively, while Regency Alliance Insurance declined by 4.76 per cent to close at 20 kobo, per share.

Total volume traded depreciated by 20.50 per cent to 198.54 million shares, worth N2.12 billion, and traded in 2,802 deals. Transactions in the shares of FBN Holdings topped the activity chart with 63.92 million shares worth N479.3 million. Access Bank followed with account of 23.15 million shares valued at N172.94 million; while Ecobank Transnational Company (ETI) traded 16.47 million shares cost N263.56 million.

FCMB Groups traded 11.85 million shares valued at N18.45 million, while Guaranty Trust Bank sold 11.6 million shares worth N407.28 million.

Source: independent.ng