Bargain hunting: NSE market indices rebound by 0.38%

The key market indicators of the nation’s bourse recorded first week gain on Thursday, rebounding by 0.38 per cent on renewed bargain hunting.

Specifically, the All-Share Index improved by 96.06 per cent or 0.38 per cent to close at 25,520.97 against 25,424.91 posted on Wednesday.

Similarly, the market capitalisation rose by N50 billion or 0.38 per cent to close at N13.313 trillion from N13.263 trillion achieved on Wednesday.

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

Capital market analysts noted that the local bourse recorded the first gain this week due to bargain in Zenith Bank, Guaranty Trust Bank and MTNN.

However, analysts at Afrinvest Limited expected the equities market to close the week on a bearish note.

A breakdown of the price movement chart indicates that 22 stocks gained in contrast with 12 laggards.

Eterna led the gainers’ chart in percentage terms, appreciating by 9.69 per cent to close at N2.49 per share.

C&I Leasing followed with 8.45 per cent to close at N3.85, while Wema Bank garnered 7.84 per cent to close at 55k per share.

Japaul Oil increased by five per cent to close at 21k, while Chams appreciated by 4.76 per cent to close at 22k per share.

Conversely, Associated Bus Company led the losers’ chart in percentage terms, dropping 7.69 per cent to close at 36k per share.

Cornerstone Insurance came second with 7.58 per cent to close at 61k while Consolidated Hallmark Insurance shed 5.88 per cent to close at 32k per share.

Unity Bank dipped 5.56 per cent to close at 51k, while FCMB Group lost 4.87 per cent to close at N2.15 per share.

In spite of the growth in market indices, volume of shares transacted declined by 12.29 per cent with an exchange of 236.48 million shares worth N1.65 billion in 3,251 deals.

This was against a turnover of 269.63 million shares valued at N2.87 billion traded in 4,155 deals on Wednesday.

Transactions in the shares of Zenith Bank topped the activity chart with 33.16 million shares worth N546.75 million.

Fidelity Bank followed with 29.97 million shares valued at N52.65 million, while Mutual Benefits Assurance sold 25.04 million shares worth N5.01 million.

Wema Bank traded 20.22 million shares valued at N11.03 million, while FBN Holdings transacted 20.06 million shares worth N100.29 million.