Equities rebound as index rises by 0.38 per cent

Following bargain-hunting in some blue-chip stocks, trading at the Nigerian Stock Exchange (NSE) rebounded yesterday, as the All-Share Index (ASI), appreciated marginally by 0.38 per cent.

At the close of trading Thursday, the ASI rose by 96.06 absolute points, representing a growth of 0.38 per cent to close at 25,520.97 points.

Similarly, the overall market capitalisation gained N50 billion to close at N13.314 trillion.

The upturn was impacted by gains recorded in large and medium capital stocks, amongst which were; Zenith Bank, MTN Nigeria Communications (MTNN), Guaranty Trust Bank, C&I Leasing, and Access Bank.

Analysts at Afrinvest Limited predicted that the equities market will close the week on a bearish note, however, noting that there are opportunities for bargain-hunting.

Market sentiment, as measured by the market breadth, was positive, as 22 stocks gained relative to 12 losers.

Eterna recorded the highest price gain of 9.69 per cent to close at N2.49 per share.

C&I Leasing followed with 8.45 per cent gain to close at N3.85, while Wema Bank rose by 7.84 per cent to close at 55 kobo, per share.

Japaul Oil and Maritime Services edged up five per cent to close at 21 kobo, and Chams appreciated by 4.76 per cent to close at 22 kobo, per share.

On the other hand, Associated Bus Company led the losers’ chart by 7.69 per cent to close at 36 kobo per share.

Cornerstone Insurance followed with a 7.58 per cent fall to close at 61 kobo, while Consolidated Hallmark Insurance shed 5.88 per cent to close at 32 kobo, per share.

Unity Bank lost 5.56 per cent to close at 51 kobo, and FCMB Groups shed 4.87 per cent to close at N2.15, per share.

However, the total volume traded slipped by 12.29 per cent to 236.481 million shares worth N1.648 billion, traded in 3,251 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 33.164 million shares valued at N546.750 million.

Fidelity Bank followed with 29.968 million shares worth N52.653 million, while Mutual Benefits Assurance traded 25.037 million shares at N5.007 million.

Wema Bank traded 20.215 million shares valued at N11.030 million, and FBN Holdings (FBNH) transacted 20.061 million shares worth N100.293 million.