NSE: Market indices close upbeat with 1.24% growth

The Nigerian Stock Exchange (NSE) rebounded on Tuesday with a growth of 1.24 per cent, after a loss of over N200 billion in the preceding trading session.

Specifically, the market capitalisation, which opened at N10.771 trillion, rose by N134 billion or 1.24 per cent, to close at N10.905 trillion.

Also, the All-Share Index inched 256.81points or 1.24 per cent to close at 20,925.19 compared with 20,668.38 on Monday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, among which were MTN Nigeria, Lafarge Africa, Zenith Bank, Custodian Investment and United Bank for Africa.

Analysts at Afrinvest Limited attributed the positive performance to bargain hunting albeit, expecting the bearish run to resume as investors maintain risk-off approach.

Market sentiment, as measured by market breadth, was positive with 24 gains against 10 losers.

FBN Holdings following its impressive 2019 audited result led the gainers’ chart in percentage terms, appreciating by 10 per cent to close at N4.40 per share.

Sterling Bank followed with a gain 9.91 per cent to close at N1.22, while Fidelity Bank rose by 9.84 per cent to close at N2.01per share.

Lafarge Africa increased by 9.69 per cent to close at N10.75, while Custodian Investment appreciated by 9.52 per cent to close at N5.75 per share.

Conversely, Cadbury Nigeria led the losers’ chart in percentage terms, dropping by 10 per cent, to close at N6.30 per share.

Ardova, formerly Forte Oil, followed with a decline of 9.78 per cent to close at N12.45, while AXA Mansard Insurance declined by 9.71 per cent to close at N1.58 per share.

UACN Property declined by 9.47 per cent to close at 86k, while Wapic Insurance shed 7.14 per cent to close at 26k per share.

Transactions in the shares of Omoluabi Mortgage Bank topped the activity chart, exchanging 1.1 billion shares valued at N605 million.

Guaranty Trust Bank followed with 161.051 million shares worth N2.9 billion, while FBN Holdings traded 32.38 million shares valued at N140.759 million.

Zenith Bank sold 28.58 million shares worth N366.32 million, while UBA transacted 20.64 million shares valued at N110.06 million.

In all, the volume of traded rose by 329.46 per cent with an exchange of 1.44 billion shares valued at N5.57 billion transacted in 4,647 deals.

This was in contrast with a turnover of 336.43 million shares worth N4.13 billiin achieved in 4,184 deals on Monday.