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Nigerian equity market rebounds by N379bn

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Bullish sentiment returned to the equity market on the Nigerian Exchange Ltd. on Friday, following investors’ interest stocks of Zenith Bank and MTN Nigeria which made it the first gain of the week.

Specifically, the market capitalisation garnered N379.16 billion or 1.04 per cent to close at N27.162 trillion from N26.78 trillion on Thursday.

Also, the All-Share Index advanced by 703.11 points or 1.04 per cent to close at 50.370.25 against 49,667.14 achieved on Thursday.

Accordingly, the year-to-date returns increased to 17.92 per cent.

Overall, the market was positive with 25 gainers relative to 13 losers.

Union Bank drove the gainers’ chart in percentage terms by 10 per cent to close at N5.50 per share.

Multiverse Mining & Exploration followed with a gain 9.94 per cent to close at N1.88, while UCAP rose by 9.90 per cent to close at N11.10 per share.

Transcorp went up by 9.80 per cent to close at N1.12, while Nigerian Exchange Group (NGXGroup) appreciated by 9.75 per cent to close at N21.95 per share.

On the other hand, PZ Plc led the losers’ chart in percentage terms by 9.5 per cent to close at N8.50 per share.

Caverton Offshore Support Group followed with 9.09 per cent to close at N1 per share.

Wema Bank shed 8.36 per cent to close at N3.29 while Academy Press lost 7.50 per cent to close at N1.85 per share, while Courtville Business Solutions declined by 8.98 per cent to close at 40k per share, respectively.

Also, the total volume traded rose by 24.8 per cent to 254.77 million units valued at N2.81 billion and exchanged in 4,905 deals.

Transactions in the shares of LivingTrust Mortgage Bank topped the activity chart with 50 million shares valued at N60 million.

Zenith Bank followed with 22.7 million shares worth N459.26 million, while Flour Mills of Nigeria traded 18.85 million shares valued at N575.08 million.

United Bank for Africa (UBA) traded 15.56 million shares valued at N108.14 million, while First Bank of Nigeria Holdings transacted 15.24 million shares worth N164 million.

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Olawunmi Ashafa

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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