Business

Nigerian stock market rebounds by N54bn

Bullish sentiment returned to the Nigerian equities market on Wednesday following investors’ interest in Union Bank and Access Bank, which ensured the first gain of the week.

Specifically, the market capitalisation garnered N54 billion or 0.21 per cent to close at N25.411 trillion from N25.357 trillion on Tuesday.

Also, the All-Share Index advanced by 99.99 points or 0.21 per cent to close at 47,157.23 against 47,057.24 achieved on Tuesday.

Accordingly, the month-to-date and year-to-date returns increased to 1.1 per cent and 10.4 per cent, respectively.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are: Guinness, Flour Mills, Union Bank, Access Bank and Ecobank Transnational Incorporated (ETI).

Analysts at Afrinvest Ltd. said, “In the next trading session, we expect the improved sentiment to sustain positive performance.”

Overall, the market was positive with 27 gainers relative to 14 losers.

R.T.Briscoe drove the gainers’ chart in percentage terms by 10 per cent to close at 33k per share.

SCOA followed with a gain 9.49 per cent to close at N1.50, while SUNU Assurances rose by 8.33 per cent to close at 39k per share.

NEM Insurance went up by 7.25 per cent to close at N3.55, while UBN appreciated by 6.84 per cent to close at N6.25, per share.

On the other hand, Juli Plc led the losers’ chart in percentage terms by 9.89 per cent to close at 82k per share.
Multiverse Mining & Exploration followed with 4.76 per cent to close at 20k per share.

Sovereign Trust Insurance shed 4.17 per cent to close at 23k, while UPDC Real Estate Investment Trust and AIICO Insurance lost 2.74 per cent each to close at N3.55 and 71k per share, respectively.

Also, the total volume traded rose by 24.8 per cent to 297.25 million units valued at N4.69 billion and exchanged in 4,661 deals.

Transactions in the shares of Access Bank topped the activity chart with 48.08 million shares valued at N498.70 million.

Sovreign Trust Insurance followed with 37.48 million shares worth N8.62 million, while Nigerian Exchange Group (NGXGroup) traded 22.69 million shares valued at N567.09 million.

Fidelity Bank traded 21.02 million shares valued at N60.50 million, while Transcorp transacted 18.37 million shares worth N21.41 million.

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