Stock market rebounds, indices appreciate by N196b

After six consecutive days of decline, transactions on the trading floor of the Nigerian Stock Exchange (NSE) was on the upbeat yesterday, following price gains recorded by most blue-chip stocks, as market capitalisation increased by N196 billion.

Yesterday, price gainers outweighed losses for the first time this week, as 29 stocks appreciated in price while 28 constituted the losers’ chart.

Specifically, Mobil topped the gainers’ chart with N7.70 kobo t close at N184.00 per share while GlaxoSmithKline followed with N2.25 kobo to close at N24.30 per share.

Nigerian Breweries added N1.90 kobo to close at N127.90 per share. PZ Cussons added 0.60 kobo to close at N23.00 per share. Cadbury appreciated by 0.60 kobo to close at N13.25 per share.

Access Bank topped the losers’ chart with 0.65 kobo to close at N11.10 per share. Dangote sugar followed with 0.30 kobo to close at N20.50 per share. African Prudential dipped by 0.20 kobo to close at N4.12 per share.

Honeywell flourmills shed 0.12 kobo to close t N2.38 per share. C and I Leasing dropped 0.10 kobo to close at N1.90 per share.

Consequently, market capitalisation of listed equities rose by N196 billion from N14.844 trillion recorded on Wednesday to N15.040 trillion while the All-share index which measures the performance of listed companies rose marginally by 1 138.36 points or 0.3 per cent to 41,633.79 from 41,495.43.

Analysts at Afrinvest expressed optimism that the uptrend would be sustained barring any negative earnings shock.

“In line with our expectation, the market rebounded today; we expect this positive performance to be sustained in subsequent trading sessions barring any negative earnings surprise.”

Access Bank was investors delight yesterday with 126 million shares worth N1.3 billion while Zenith Bank followed with 67 million units worth N1.9 billion. Guaranty Trust Bank accounted for 51 million shares valued at N2.3 billion.

FBN Holdings recorded 32 million shares worth N394 percent. United Bank for Africa exchanged 29 million shares worth N342 million.

In all, investors traded 542 million shares worth N7.3 billion in 5,039 deals higher than 488 million units worth N5.6 million that was exchanged in 5,524 deals on Wednesday.