Stock market rebounds with N114bn gain

The Nigerian equity market capitalisation rebounded by 0.20 per cent as investors’ appetite for Tier-one banking stocks increased.

Notably, investors gained N114 billion or 0.20 per cent, with market capitalisation rising from N56.359 trillion to N56.473 trillion.

The All-Share Index also closed 0.20 per cent or 202 points higher, settling at 99,832.25, compared to 99,630.51 recorded on Tuesday.

As a result, the Year-To-Date (YTD) return rose to 33.51 per cent.

Gains in Guaranty Trust Holding Company (GTCO), Zenith Bank, and United Bank of Africa (UBA) were the primary drivers of the market recovery.

Meanwhile, market breadth closed positive with 30 gainers and 17 losers on the floor of the Exchange.

On the gainers’ chart, Nigerian Breweries led by 10 per cent to close at N31.90, Unity Bank trailed closely by 9.91 per cent to close at N1.22 and NEM Insurance gained 9.77 per cent to close at N9.55 per share.

Thomas Wyatt appreciated by 9.43 per cent to close at N1.74 and UACN advanced by 8.65 per cent to close at N14.45 per share.

Conversely, Eco Bank Transnational (ETI) led the losers’ chart by 9.92 per cent to close at N21.35, Daar Communications followed by 8.77 per cent to close at 52k per share.

C&I Leasing also shed 7.14 per cent to close at N2.60, RT Briscoe and Custodian Insurance lost 5.08 per cent each to close at 56k and N9.35 per share respectively.

However, analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 47.72 per cent.

A total of 502.60 million shares valued at N8.65 billion were exchanged in 9,686 deals, as against 848.97 million shares valued at N16.55 billion traded in 8,064 deals posted on Tuesday.

Zenith Bank led the volume and value chart with 71.22 million shares worth N2.52 billion, followed by AIICO Insurance with 67.30 million shares valued at N65.94 million.

Access Corporation sold 58.53 million shares valued at N1.13 billion while GTCO transacted 46.86 million shares worth N1.96 million.
Also, UBA traded 23.17 million shares worth N520.57 million.