Stock market index up by 1.72% on rebound

After three-consecutive days of downward trend, equity transactions on the Nigerian Stock Exchange (NSE) closed in an upbeat yesterday, causing the All-share index to soar by 1.72 per cent.

Yesterday, the market recorded the first increase in the week with the market capitalisation rising by N252 billion to close at N14.992 trillion against N14.740 trillion on Wednesday.

Also, the All-share index, which opened at 40,802.08, inched 702.43 points or 1.72 per cent to close at 41,504.51.Nestle topped the gainers’ chart with N39.70 kobo to close at N1380 per share while Total followed with N10.70 kobo to close at N249.00 per share. Mobil gained N8.80 kobo to close at N185.80 per share. Dangote Cement appreciated by 70 kobo to close at N260.00 per share. Nigerian Breweries garnered 20 kobo to close at N130.00 per share.

WAPCO led others on the losers’ chart N1.10 kobo to close at N45.30 per share. Cement Company of Northern Nigeria followed with 0.95 kobo to close at N18.70 per share.

Zenith Bank shed 0.50 kobo to close at N29.30 per share. Champion Breweries depreciated by N0.18 kobo to close at N2.40 per share. CandI Leasing also loss N0.18 kobo to close at N1.72 per share.

On the activity chart, Zenith Bank dominated in volume terms with 45 million shares worth N1.3 billion while Skye Bank followed with 33 million units valued at N26 million. United Bank of Africa accounted for 22 million units worth N263 million.

Fidelity bank exchanged 16 million shares worth N41 million. Access Bank recorded 15 million units valued at N175 million.
Investors exchanged 272 million shares valued at N3.7 billion in 4,368 deals, lower than 535 million shares worth N3.6 billion that was exchanged in 4,717 deals on Wednesday.

Analyst at Afrinvest Securities Limited said: “In line with expectation, there was a rebound in market performance at the close of the trading week following bargain hunting in blue chip stocks that had previously declined. Hence, our anticipation of improved buying sentiment to buoy performance in the near term remains.