Equities market rebounds by 0.71% as investors earn N183.6bn

Equities trading at the Nigerian Exchange Limited (NGX) was bullish on Wednesday.

In the last trading session of the month, Nigerian equities staged a rebound, recouping prior session losses as the benchmark index ended 0.71 per cent stronger to settle at 47,660.04 basis points.

Notably, gains in Telcos heavyweight, MTN Nigeria, whose share appreciated by 3.80 per cent; alongside Tier-1 banking names, Zenith Bank and Guaranty Trust Holding Company were the primary drivers of the overall index’s recovery.

Consequently, the Month-to-Date and Year-to-Date returns increased to +8.7 per cent and +11.6 per cent, respectively.

Equities investors, therefore, gained N183.59 billion as the market capitalisation settled higher at N25.96 trillion by the end of trading activities at the local bourse.

As measured by market breadth, market sentiment was positive as 21 stocks gained relative to seven losers. On the performance chart, Wema Bank and UACN recorded the most significant gains of the day after their respective share prices appreciated by 10 per cent, while Royal Exchange and Redstart Express topped the losers’ list as their share prices dipped by 10.0 per cent and 9.3 per cent, respectively.

Performance across sub-sector was a mixed bag on Wednesday as the NGX Insurance Index and the NGX Consumer Goods Index fell by 0.59 per cent and 0.79 per cent, respectively, while the NGX Banking Index climbed by 1.79 per cent. The NGX Oil/Gas index and the NGX Industrial Index remained unchanged from the previous day.

Analysis of market activities for the day showed trade turnover settled lower relative to the previous session, with the value of transactions down by 19.97 per cent.

A total of 107.02 million shares valued at N1.32 billion were exchanged in 3,227 deals. FBN Holdings led the volume chart with 12.53 million units traded while Zenith Bank led the value chart in deals worth N174.55 million.

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Equities market rebounds by 0.71% as investors earn N183.6bn