Equities Investors Gain N364bn as NGX Rebounds

Equities Investors Gain N364bn as NGX Rebounds

Equities investors in the stock market gained more than N364 billion on Tuesday as the Nigerian Exchange rebounds strongly due to a fresh bargain hunting on value stocks.

Today’s gain lifted the equities market capitalisation higher after sustained selloffs on major tickers, lifting year-to-date return upward to 18.52%.

Consequently, the Nigerian Exchange All-Share Index (ASI) was up by 675.72 points to close with 50,626.04 points compared to 49,950.32 points recorded the previous day. The equity capitalisation rose from N26.94 trillion recorded on Monday to close at N27.3 trillion.

Overall, market breadth closed positive as 19 stocks appreciated while nine others declined. Honeywell Flour Mill led the gainers with 9.66 per cent share price appreciation closing at N2.27 per share.

Jaiz Bank followed by 9.46 per cent to close at 81k per share, while Caverton Offshore Support Group rose by 8.18 per cent to close at N1.19 per share.

Also, Japaul Gold and Mansard Insurance increased by eight per cent and 7.56 per cent each to close at 27k and N1.85 per share respectively. On the losing side, McNichols’s share price depreciated by 9.76 per cent to close at 74k per share.

Wapic Insurance next by 9.76 per cent to close at 37k per share, while Chams fell by eight per cent to close at 23k per share. Nigerian Exchange Group dropped by 2.73 per cent to close at N21.35 per share.

Also, United Bank for Africa (UBA) declined by 2.08 per cent to close at N7.05 per share. Investors parted with N2.86 billion for 129.17 million shares in 4,706 deals. READ: Equities market rebounds 0.29% on renew bullish activity

This is higher than N2.27 billion raised on 176.05 million shares in 4,965 deals on Monday which represent a 27 per cent decline in volume, a 26 per cent improvement in turnover.

FBN Holdings recorded the highest volume of 14.6 million traded shares worth N159.56 million. It is followed by Multiverse Mining & Exploration which traded 9.48 million shares at N18.56 million.

Guaranty Trust Holding Company (GTCO) sold 9.37 million shares worth N191.03 million, while Zenith Bank traded 9.29 million shares at N196.25. AIICO sold 64 million shares at N3.77 million. # Equities Investors Gains N364bn as NGX Rebounds