Local market rebounds as investors gain N59.8bn

The Nigerian equities market shrugged off previous day loss as the index gain 0.4 per cent, on Thursday, even as the social unrest in the country eased.

Against this backdrop, the All-Share Index(ASI) of the Nigerian Stock Exchange (NSE) closed at to 28,563.87 points, while the market capitalisation closed at N14.93 trillion having gained N59.8 billion. Thus, Month-to-Date and Year-to-Date return increased to 6.5 per cent and 6.4 per cent, respectively.

Market sentiment, as measured by the market breadth, was positive as 21 stocks gained, as against 12 losers.

UACN led the gainers list having notched 8.3 per cent as it closed the trade at N7.15 kobo per share, followed closely by Union Diagnostics whose share value appreciated by eight per cent to close at 27 kobo per share.

FCMB Holdings, United Capital and Neimeth Pharmaceutical also made top 5 on the gainers’ list as their value appreciated by 7.96 per cent, 6.44 per cent and 5.26 per cent respectively to close at a respective share price of N2.44 kobo, N3.80 kobo and N1.80 kobo.

However, activity was unimpressive as the total volume of trades decreased by 4.7 per cent to 311.33 million units, valued at N4.69 billion and exchanged in 3,375 deals.

Guaranty Trust Bank was the most traded stock by volume and value at 77.84 million units and N2.34 billion, respectively.

Across sectors, the Insurance, Oil & Gas and Consumer Goods indices recorded losses, depreciating by 0.9 per cent, 0.1 per cent and 0.1 per cent respectively, while the Industrial Goods index appreciated by 0.2 per cent. The Banking index closed flat.

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