Nigeria Stocks Rebound with N32bn Gain
Nigeria stocks rebounded with about N32 billion gain after the local exchange opened the week on a negative note, resulting in a more than N57 billion decline in market cap.
Due to improved trading activities on the buy side, the performance of the Nigerian Exchange bounced back on Tuesday, trading data shows.
Key performance indicators inched higher by 0.08% following bargain hunting in some medium and low-capitalized stocks such as CADBURY, MECURE, UNITYBNK, MANSARD, and others.
Consequently, year-to-date return advanced to +38.66%, as investors’ wealth was up by approximately ₦32 billion, Atlass Portfolios Limited said in its market update.
Then, the Nigerian Exchange All-Share Index popped higher by 57.85 basis points to close at 71,066.55, trading data shows.
However, market activities were mixed. The total volume traded for today was up by +37.09%, while the total value was reduced by -26.07%, stockbrokers said, citing data from the domestic bourse.
Approximately 491.40 million units valued at ₦3,221.80 million were transacted in 6,549 deals. UNITYBNK was the most traded stock in terms of volume.
Trading activities on the small local lender accounted for 15.42% of the total volume of trades in the market.
This was followed by UNIVINSURE (12.56%), MBENEFIT (9.53%), JAPAULGOLD (6.22%), and VERISTASKAP (6.12%) to complete the top 5 on the volume chart.
VDFGROUP was the most traded stock in value terms, with 15.00% of the total value of trades on the exchange. LEARNAFRCA and MECURE topped the advancers’ chart for today with a price appreciation of 10.00 per cent each.
These stocks were trailed by NNFM (9.90%), CADBURY (+9.78%), MULTIVERSE (+9.77%), VERITASKAP (+9.68%), and thirty-eight others.
Eight stocks depreciated, where CHAMPION was the top loser, with a price depreciation of 10.00%, as OANDO (-3.72%), INTBREW (-2.17%), FCMB (-1.45%), JAIZBANK (-1.23%), and ELLAHLAKES (-1.06%) also dipped in price.
Today, the market breadth closed positive, recording 44 gainers and 8 losers. In addition, the market sector performance was positive.
Three of the five major market sectors surged, led by the Insurance sector which grew by (+2.13%), followed by the Banking sector (+0.46%), and the Industrial sector (+0.08%).
The Consumer goods sector dropped by -0.04% while the Oil & Gas sector closed flat. Overall, equities market capitalisation inched higher by ₦31.81 billion to close at ₦39.08 trillion from ₦39.05 trillion yesterday.