Equities rebound as capitalisation rises by N24 billion
The Nigerian stock market rebounded yesterday after the previous day’s negative performance, as market capitalisation increased by N24 billion.
At the closed of trading, the All-Share Index (ASI) gained 69.01 absolute points, representing a gain of 0.17 per cent to close at 40,465.15 points.
Similarly, the overall market capitalisation value appreciated by N24 billion to close at N21.158 trillion.
The uptrend was driven by price appreciation in medium and large capitalised stocks such as BOC Gases, Flour Mills of Nigeria, Zenith Bank, Vitafoam Nigeria, and United Bank for Africa.
Analysts at Afrinvest Limited said: “We expect a bullish run for the remaining days of the week.”
Market sentiment, as measured by market breadth, was positive, as 23 stocks gained, relative to 16 losers.
NEM Insurance recorded the highest price gain of 9.69 per cent, to close at N2.15, per share. BOC Gases followed with a gain 9.52 per cent to close at N11.50 kobo.
Japaul Gold and Ventures rose by 9.46 per cent to close at 81 kobo.
Linkage Assurance went up by 9.26 per cent, to close at 59 kobo while Regency Alliance Insurance appreciated by 9.09 per cent to close at 24 kobo.
On the other hand, Sovereign Trust Insurance led the losers’ chart by 8.33 per cent, to close at 22 kobo, while Eterna followed with a decline of 8.17 per cent, to close at N5.28.
Deap Capital Management & Trust shed eight per cent to close at 23 kobo, while Royal Exchange and FTN Cocoa Processors depreciated by 7.69 per cent each, to close at 24 kobo and 60 kobo respectively.
However, the total volume traded declined by 46.41 per cent to 249.545 million shares, worth N2.184 billion and traded in 6,090 deals.
Transactions in the shares of Japaul Gold and Ventures topped the activity chart with 28.054 million shares valued at N22.724 million.
Access Bank followed with 21.896 million shares worth N190.431 million while AXA Mansard Insurance traded 13.263 million shares valued at N16.399 million.
United Bank for Africa traded 13.228 million shares valued at N113.099 million, while Transnational Corporation of Nigeria transacted 12.788 million shares worth N12.134 million.