NGX rebounds by N5bn after persistent bearish trend

The Nigerian stock market rebounded on Tuesday by five billion naira to halt six days consecutive bearish outing.

Specifically, the market capitalisation which opened at N21.920 trillion inched higher by five billion or 0.02 per cent to close at N21.925 trillion.

Also, the All-Share Index increased by 9.42 points or 0.02 points to close at 42,018.02 from 42,008.60 on Monday.

Consequently, the month-to-date loss moderated to 2.8 per cent, while the year-to-date return was unchanged at 4.3 per cent.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Lafarge Africa, Zenith Bank, Guaranty Trust Holding Company (GTCO), Guinness Nigeria and NEM Insurance.

Market breadth was positive with 20 gainers, relative to 19 losers.

Abbey Mortgage Bank drove the gainers’ chart in percentage terms by 9.47 per cent to close at N1.04 per share.

Meyer followed with 8.33 per cent to close at 26k, while NEM Insurance rose by 7.56 per cent to close at N2.42 per share.

Academy Press went up by 7.14 per cent to close at 45k, while Royal Exchange appreciated by 6.90 per cent to close at 62k per share.

On the other hand, GlaxoSmithKline Consumer Nigeria led the losers’ chart in percentage terms by 9.32 per cent to close at N5.35 per share.

Seplat Energy followed with 5.38 per cent to close at N615, while Jaiz Bank lost 4.48.per cent to close at 64k per share.

Dangote Sugar Refinery lost 3.23 per cent to close at N15, while Japaul Gold and Ventures shed 2.56 per cent to close at 38k per share.

The total volume traded increased by 51.5 per cent to 639.44 million shares worth N6.63 billion traded in 4,564 deals.

This was against a total of 422.18 million shares valued at N4.47 billion traded in 5,059 deals on Monday.

Transactions in the shares of FBN Holdings topped the activity chart with 364.03 million shares valued at N4.11 billion.

Sterling Bank followed with 80.97 million shares worth N121.434 million, while Ecobank Transnational Incorporated (ETI) traded 19.768 million shares valued at N159.435 million.

GTCO traded 19.42 million shares valued at N467.04 million, while Fidelity Bank transacted 18.63 million shares worth N43.57 million.