Equities market rebounds, advances by N3.2trn
The equities market section of the Nigerian Exchange Limited (NGX) rebounded strongly on Tuesday, as the overall capitalization advanced by N3.2 trillion to cross above N147 trillion, reversing the previous session’s losses and restoring bullish sentiment.
The All-Share Index rose by 4,977.51 basis points or 2.23 per cent, to close at 228,579.80 basis points. Similarly, the overall market capitalisation value gained N3.2 trillion to close at N 147.174 trillion.
Market breadth was slightly negative, as 40 stocks lost relative to 39 gainers. Industrial & Medical Gases Nigeria, FTN Cocoa Processors and Lafarge Africa emerged the highest price gainer of 10 per cent each to close at N39.60, N5.50 and N324.50 respectively, per share.
Austin Laz & Company followed with a gain of 9.71 per cent to close at N3.73, while Presco and Aradel Holdings rose by 9.52 per cent each to close at N2,300.00 and N1,840.00 respectively, per share.
On the other hand, United Bank for Africa (UBA) led the losers’ chart by 10 per cent to close at N44.55, per share. Trans-Nationwide Express followed with a decline of 9.99 per cent to close at N6.40, while NASCON Allied Industries shed 9.18 per cent to close at N187.90, per share.
Jaiz Bank shed 8.98 per cent to close at N8.01, while Berger Paints lost 8.66 per cent to close at N68.00, per share.
Also, the total volume of trade increased by 41.50 per cent to 959.634 million units, valued at N70.470 billion, and exchanged in 74,848 deals. Transactions in the shares of Access Holdings topped the activity chart with 219.509 million shares valued at N5.784 billion. Fidelity Bank followed with 64.375 million shares worth N1.201 billion, while Wema Bank traded 49.270 million shares valued at N1.75 billion.
Linkage Assurance traded 47.524 million shares valued at N76.452 million, while Zenith Bank transacted 39.847 million shares worth N4.860 billion.
Analysts at Cowry Assets Management Limited stated that “heading into Wednesday’s session, the market is expected to sustain its bullish momentum, underpinned by positive investor sentiment and the added boost of the extended trading period.”
