Equities market rebounds as investors earn N440.4bn

EQUITIES trading at the Nigerian Exchange Limited (NGX) closed bullish on Wednesday to make a quick recovery from previous day’s loss.

At the end of trading sessions, the local bourse recoup some of Tuesday’s losses following buying interest in mid- and large-cap stocks as the All Share Index settled 1.33 per cent higher at 61,523.57 basis points.

Specifically, BUA Cement, Presco, Conoil, Access Holdings, First Bank of Nigeria Holdings, United Bank for Africa, Lafarge Africa, Guaranty Trust Holding Company and Zenith Bank were the toast of investors on Wednesday as their share prices rose by 9.44 per cent, 7.73 percent, 5.68 percent, 4.37 percent, 3.35 percent, 2.75 percent, 2.59 percent, 2.56 percent, and 0.59 percent, respectively.

As a result, the year-to-date (YTD) return rose to 20.04 percent.

The market capitalization, therefore, appreciated by 1.3 percent to settle at N33.50 trillion, leaving equities investors with a cumulative gain of N440.38 billion

Market breadth closed positive with advancing issues outnumbering declining ones.

On the performance Japaul Gold led 27 others on the gainer’s log having appreciated 9.52 per cent, while NEM Insurance topped 22 others on the laggard’s table after it’s share value dipped by 10.0 per cent.

Breakdown across sub-sector gauges tracked indicated that three out of the five indices tracked closed in green: the NGX Banking, NGX Oil/Gas, NGX Consumer Goods, and the NGX Industrial indices rose by 1.89 per cent, 0.07 per cent, 0.18 per cent and 3.86 per cent, respectively. However, the NGX Insurance index moderated by 4.68 per cent.

Meanwhile, market activity nosedived, with total cent, 23.57 per cent, and 15.59 per cent, respectively, to 9,815 trades, N846.32 million units, and N10.31 deals, volume, and value decreasing by 19.51 per billion.

In terms of volume, FBN Holdings emerged as the most actively traded stock, with 89.24 million shares worth N1.65 billion changing hands in 337 deals.

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