Local equities market rebounds, opens week with 0.3 per cent gain

Equities trading at the Nigerian Stock Exchange (NSE) reversed previous loss to start the week on a positive note.

Consequently, the NSE’s benchmark index, All Share Index (ASI) inched higher by 0.3 per cent to 40,571.67 basis points, just as investors gain N68.96 billion after the market capitalisation closed at N21.16 trillion as against an opening of N21.23 trillion.

Accordingly, the Month-to-Date (MtD) loss moderated to 4.3 per cent, while the Year-to-Date (YtD) gain increased to 0.8 per cent.

The overall performance at the local bourse followed buying interests in Seplat and WAPCO’s stocks as they appreciated by ten per cent and 5.1 per cent respectively; as well as gains from Tier-1 banking stocks.

Market sentiment, as measured by market breadth, was also positive as 30 tickers gained, relative to 13 losers. On the performance, chart Seplat took the lead, followed closely by Mutual Benefits whose shares appreciated 9.5 per cent. Conversely, Conoil and Royal Exchange recorded the largest losses of the day after declining in value by ten per cent respectively.

Performance across sectors was broadly positive, following gains in the Oil & Gas, Banking, Insurance and Industrial Goods indices as they added 5.4 per cent, 1.8 per cent, 1.4 per cent and 0.4 per cent to their respective share prices.. The Consumer Goods index was flat.

The total volume of trades however declined by 47.9 per cent to 206.24 million units, valued at N2.16 billion, and exchanged in 4,264 deals.

Zenith Bank was the most traded stock by volume and value at 21.51 million units and N539.62 million, respectively.

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