Local stock market rebounds as investors earn N33bn

The Nigerian equities market ended two consecutive sessions of losses on Wednesday as the benchmark index rebounded with a 0.13 per cent gain.

MTN Nigeria On market movers, telco heavyweight, MTNN (+1.45%) was the primary driver of the overall market’s performance as its shares appreciated by 1.45 per cent.

Consequently, the All-Share Index of the Nigerian Exchange Limited inched up by 0.13 per cent to stand at 46,904.48 basis points, bringing both the month-to-date and year-to-date performance to stand at -1.03 per cent and 9.80 per cent respectively.

Investors, therefore, gained N33 billion in the session as market capitalisation followed suit the direction of the ASI to stand at N25.279 trillion, representing a 0.13 per cent increase from the N25.246 trillion it stood at the end of the previous trading session.

Bears, however, maintained dominance over the market Breadth with 17 counters in the losers’ chart pitted against 16 counters in the gainers’ chart.

Cornerstone Insurance and Ikeja Hotels gained 10.00 per cent each to become the best-performing stocks in the session, followed by Eterna Oil, Meyer and Chams to populate the top five gainers’ chart. From the rear of the chart Cadbury, Japaul Gold, PZ, Royal Exchange and Multiverse populated the top five losers’ charts.

Performance across sectors was mixed, with the NGX Insurance gaining 0.62 per cent, NGX Banking losing 0.60 per cent, while NGX Growth and NGX ASEM closed flat.

Market activity as measured by the volume of trades shed weight at the end of the trading session as the daily traded volume stood at 201.280 million units, representing a 6.09 per cent depreciation from a volume of 214.328 million units traded in the previous session.

However, the value of traded stocks inched up by 46.39 per cent in the session to stand at N2.621 billion as against a value of N1.790 billion recorded in the previous trading session.

EcoBank Transnational Incorporated (ETI) dominated the volume charts as the top traded stock by volume for the trading session. This is followed by Access Holdings, Zenith Bank and Transnational Corporation to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, ETI took the lead of the top five performers as well. It is flanked by Zenith Bank, Access Holdings, Nestle Nigeria and Guaranty Trust Holding Company.

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