Nigerian Stock market bounces back as investors regain N4bn

Investors in the equities market of The Nigerian Stock Exchange (NSE) reversed the trend of profit-taking embarked on in the last trading sessions, which led to a N4 billion increase in market capitalization that closed N9.703 trillion at the end of Thursday’s trading.

The NSE All-Share Index appreciated 0.04 percent to 28,247.56 basis points from 28,236.23 basis points recorded previously, reducing the Year-to-Date return to -1.38 percent from -1.42 recorded previously.

Trading in the Top Three equities were Continental Reinsurance Plc with the sale of 195.5 million shares worth N254.0 million. International Breweries Plc came second following the sale of 27.3 million units of shares while FCMB Plc sold 16.5 million units valued at N17.5 million.

After the day’s trading activities, Wema Bank topped the day’s gainers with a gain of 9.09 percent or 6 kobo to close at 72 kobo per share. Law Union Plc increased 8.96 percent or 6 kobo to close at 73 kobo per share, as Oando improved 6.92 percent or 34 kobo to close at N5.25 per share.

NEM Insurance and Continental Reinsurance Plc followed with an appreciation of 5 percent each or 4 and 5 kobo respectively to close at 84 kobo and N1.05 per share.

Ashaka Cement Plc led the list of declining stocks as it fell by 4.96 percent or 85 kobo to close at N16.27 per share, GlaxosmithklinePlc followed with a decline of 4.39 percent or 90 kobo to close at N19.60 per share

Fidson Healthcare Pharmaceuticals Plc dropped by 4.19 percent or 7 kobo to close at N1.60 per share, while VitafoamPlc decreased by 4.01 percent or 12 kobo to close at N2.87 per share and TranscorpPlc recorded a depreciation of 3.70 percent or 4 kobo to close at N1.04 per share.

Market activity as measured by Volume and Value traded, settled at 365.4 million and N2.090 billion compared to 159.0 million and N1.45 billion traded previously.