Equity market rebounds, indices gain by 0.39%

The Nigerian bourse rebounded on Wednesday with market capitalisation gaining N104.54 billion or 0.39 per cent to close at N26.880 trillion in contrast with N26.775 trillion posted on Tuesday.

Similarly, the All Share Index grew by 193.82 points or 0.39 per cent to 49,836.51, compared with 49,642.69 achieved on Tuesday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are: BUA Foods, WAPCO, FBN Holdings and Accesscorp.

Market breadth closed positive as 20 stocks appreciated while 10 declined.

Guinness Nigeria led the gainer’s table with 9.88 per cent to close at N87.90 per share.

Caverton Offshore Support Group followed with a gain of 9.62 per cent to close at N1.14, while Transcorp Nigeria grew by 8.65 per cent to close at N1.13 per share.

Nigerian Exchange Group advanced by 6.43 per cent to close at N22.35 per share. LASACO Insurance gained by 5.10 per cent to close at N1.03 per share.

On the other hand, Consolidated Hallmark Insurance led the laggard’s table, depreciating by of 7.69 per cent to close at 60k per share.

Unilever Nigeria followed with a loss of 7.22 per cent to close at N12.20, while Sovereign Trust Insurance declined by 7.14 per cent to close at 26k.

Also, UPDC Real Estate Investment Trust depreciated by 7.04 per cent to close at N3.30 per share. JaizBank fell by 4.44 per cent to close at 86k.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 5.35 per cent.

A total of 367.34 million shares valued at N3.24 billion were exchanged in 3,725 deals.

Sterling Bank recorded the highest volume with 162.45 million traded shares valued at N238.94 million.

Access Holdings followed by trading 27.7 million shares worth N228.03 million, while United Bank for Africa (UBA) sold 26. 58 million shares valued N191.27 million.

FBN Holdings transacted 22.4 million shares worth N244.67 million, Fidelity Bank sold 20.17 million shares valued at N63.77 million.