Nigerian Stock Market Rebounds, Equity Investors Gain N74bn
The Nigerian stock market rebounded on Friday, gaining N74 billion as investors returned to bargain-hunting in select stocks after the previous session’s losses.
According to data obtained from the Nigerian Exchange (NGX), market capitalisation rose by 0.07 per cent to close at N105.959 trillion, compared with N105.885 trillion at the previous close.
Similarly, the All-Share Index gained 114.81 points, or 0.07 per cent, to settle at 165,512.18, up from 165,397.37 recorded in the preceding session.
The rebound was driven by renewed investor interest in stocks such as Morison, Union Homes Real Estate Investment Trust, SCOA, RT Briscoe and Austinlaz, among others.
In spite the positive performance, the market breadth closed negative with 40 losers and 34 gainers.
Neimeth International Pharmaceutical topped the losers’ chart, shedding by 9.86 per cent to close at N13.25 per share.
It was followed by Secure Electronic Technology, which declined by 9.35 per cent to finish at 97k, while Eterna lost by 8.23 per cent to close at N28.45 per share.
Also, University Press shed by 6.25 per cent, finishing at N6, while Eunisell Interlinked dipped by 5.84 per cent, ending the session at N153.95 per share.
On the other hand, Union Homes Real Estate Investment and Morison led the gainers’ chart by 9.94 per cent each, closing at N71.35 and N7.52 per share, respectively.
This is followed by SCOA and RT Briscoe, as they grew by 9.93 per cent, settling at N23.80 and N5.98 per share respectively, while Austinlaz rose by 9.78 per cent, closing at N4.49 per share.
Analysis of the market activity showed an overall decline in the market deals, volume, and value as 731.7 million shares worth N19.05 billion were traded across 44,005 deals.
This is in contrast with 768.3 million shares valued at N21.2 billion that were exchanged in 46,481 transactions earlier on Thursday.
CHAMS recorded the highest volume with 76.86 million shares, accounting for 10.51 per cent of the total volume traded for the day.
Zenith Bank recorded the highest value traded at N3.47 billion, accounting for 18.20 per cent of the total value traded for the day. | Nigerian Stock Market Rebounds, Equity Investors Gain N74bn First Holdco Gains 12.8% as Investors Tag Along with Otedola
