Equities market rebounds with N704bn gain

The Nigerian Exchange Ltd. (NGX) began the week on a strong note on Monday, recording a rebound as market capitalisation rose by N704 billion or 0.79 per cent.

The losses was driven by renewed investor interest in top stocks such as Livingtrust Mortgage Bank, Etranzact International, Regency Alliance Insurance, Northern Nigeria Flour Mills, Unilever Nigeria and 27 others.

Market capitalisation, which opened at N88.922 trillion on Friday, closed higher at N89.626 trillion.

Likewise, the All-Share Index (ASI) gained 1,113.31 points, or 0.79 per cent, to settle at 141,659.00, compared with 140,545.69 posted previously.

The market closed flat with 32 gainers and 32 losers.

Leading the gainers’ chart, Livingtrust Mortgage Bank rose by 9.96 per cent to N5.08, while Etranzact International gained 9.70 per cent to close at N16.40 per share.

Regency Alliance Insurance appreciated by 9.64 per cent to N1.82, Northern Nigeria Flour Mills climbed 8.62 per cent to N93.90, and Unilever Nigeria advanced 8.41 per cent to N72.80.

On the flip side, McNichols led the laggards, shedding 9.90 per cent to close at N3.55.

Honeywell Flour Mill dipped 9.13 per cent to N20.90, UAC of Nigeria fell 8.01 per cent to N67.15, Omatek Ventures lost 7.58 per cent to N1.22, while Champion Breweries dropped six per cent to N15.98 per share.

Market activity improved as volume, value, and deals rose compared with the previous session.

A total of 555.1 million shares worth N24.1 billion were traded in 31,578 deals, up from 434.7 million shares valued at N16.17 billion in 23,729 deals on Friday.

UAC of Nigeria led the activity chart with 67.2 million shares worth N4.5 billion.

Regency Alliance Insurance followed with 57.2 million shares valued at N98.1 million, while Access Corporation traded 37.7 million shares worth N1.02 billion. Lasaco Assurance recorded 32.8 million shares valued at N98.4 million, and Chams transacted 32.6 million shares worth N115.6 million.