Stock market rebounds, indices record 0.25% growth

Trading activities on the Nigerian Exchange Ltd., (NGX) closed on a positive note on Wednesday, with indices growing by 0.22 per cent following gains by BUA Cement, Nestle and Stanbic Bank

Specifically, the market capitalisation gained N65 billion or 0.25 per cent to close at N26.253 trillion against N26.188 trillion recorded on Tuesday.

Also, the All-Share Index rose by 120.48 points or 0.25 per cent to close at 48,675.24 compared with 48,554.76 posted on Tuesday.

Market breadth closed positive with 14 stocks gained and 11 stocks declined.

NEM Insurance led the gainers’ table during the day with 44k to close at N4.84 per share.

Stanbic IBTC Holdings followed with a gain of N2.50 to close at N30.50, while Ecobank Transnational added 80k to close at N10.80 per share.

Cutix appreciated by 14k to close at N2.04 and Mutual Benefits Assurance rose by 2k to close at 31k per share.

On the other hand, Fidson Healthcare topped the losers’ chart, shedding 99k to close at N9.11 per share.

FTN Cocoa Processors trailed with a loss of 3k to close at 30k, while Northern Nigeria Flour Mills declined by 1k to close at N7.50 per share.

Unity Bank was down by 7k to close at 42k, while First City Monument Bank (FCMB) lost 1k to close at N313 per share.

Investors traded a total of 167.57 million shares valued at N3.37 billion in 2,269 deals representing 19.60 per cent increase in volume.

This was against the 154.290 million shares worth N2.70 billion exchanged in 3,751 deals the previous day.

Access Holdings was the most active stock, exchanging 27.9 million shares worth N231.14 million.

United Bank for Africa (UBA) followed with an account of 22.9 million shares valued at N160.91 million, while FBN Holdings traded 22.5 million shares worth N241.98 million.

Guaranty Trust Holding Company (GTCO) sold 16.1 million shares valued at N323.99 million, while Zenith Bank exchanged 11.86 million shares worth N261.11 million.