Stock market rebounds by N12bn

Bullish sentiment returned to the Nigerian stock market on Wednesday following investors’ interest in First Bank, PZ, AIICO, Unity Bank and NGX Group, which ensured the first gain of the week.

Specifically, the market capitalisation garnered N12 billion or 0.05 per cent to close at N25.526 trillion from N25.514 trillion on Tuesday.

Also, the All-Share Index advanced by 23.6 points or 0.05 per cent to close at 47,364.46 points against 47,340.86 points achieved on Tuesday.

Accordingly, the month-to-date and year-to-date returns increased to 0.05 per cent and 10.88 per cent, respectively.

Analysts at Cowry Asset said, “We expect a gradual bullish run in the equities market going forward as the deadline for earnings period draws closer.

“Despite the renewed bullish sentiment, most of the sub-sector indices moved in different directions.”

Also, experts at GTI Securities said, ”Market transactions for today closed positive with a slight recovery from the previous negative sentiment.

“Inflationary pressures also persist as investors remain indecisive and with most people patronising the fixed income market.

“We expect to witness mixed sentiments as the global oil crisis continue to hit hard.“

Overall, the market breadth was positive as 18 stocks advanced, against 17 stocks that declined.

Nigeria Police Force Microfinance Bank drove the gainers’ chart in percentage terms by 10 per cent to close at N2.31 per share.

PZ followed with a gain 9.79 per cent to close at N7.85, while AIICO rose by 6.15 per cent to close at 69k per share.

Unity Bank went up by 4.17 per cent to close at 50k, while NGX Group appreciated by 4.02 per cent to close at N23.30 per share.

On the other hand, Royal Exchange Assurances led the losers’ chart in percentage terms by 9.73 per cent to close at N1.02 per share.

Livestock followed with 9.71 per cent to close at N1.58 per share.

IMG shed 9.47 per cent to close at N8.60, while Chams lost 8.7 per cent to close at 21k per share.

Red Star Express lost 4.69 per cent to close at N3.05.

Also, the total volume traded dropped by 20.42 per cent to 145.83 million units valued at N2.54 billion and exchanged in 4,113 deals.

Transactions in the shares of United Bank for Africa(UBA) topped the activity chart with 14.76 million shares valued N125.88 million.

Access Bank followed with 10.28 million shares worth N107.056 million, while Zenith Bank traded 10.03 million shares valued N266.09 million.

Guaranty Trust Bank Holding Company (GTco) traded 9.12 million shares valued N239.22 million, while EcoBank Transnational Incorporated (ETI) transacted 9.08 million shares worth N108.73 million.