Local stock market rebounds as market capitalisation crosses N24trn

Renewed bargain hunting activities at the Nigerian Exchange Limited (NGX) on Wednesday rebounded the market by 1.718 per cent as the market capitalisation settled above N24 trillion.

Basically, bullish sentiments returned to the local, as investors’ interest in Dangote Cement drove the All-Share Index (ASI) higher by 1.7 per cent to 44,608.82 basis points.

Accordingly, the Year-to-Date gain increased to +4.4 per cent, just as the market capitalisation settled at N24.63 trillion, having added N626 billion.

As measured by market breadth, market sentiment was positive as 24 tickers gained relative to 13 losers.

On the performance board, Academy Press and Jaiz Bank recorded the most significant gains of the day, having advanced by 10.0 per cent respectively to close at 66 Kobo per share respectively.

Also, Unity Bank appreciated by 8.70 per cent to close at 50 Kobo per share, followed by Sovereign Insurance, whose share value increased by 8.33 per cent to close at 26 Kobo per share, while Mutual Benefit shares improved by 7.41 per cent to close at 29 Kobo.

On the other hand, Regal Insurance and CHI Plc topped the losers’ list after the value of their shares depreciated by 8.7 per cent each.

Given the bullish sentiment, performance across sub-indices tracked was largely positive, except for the NGX Insurance Index which fell by 0.49 per cent. The NGX Banking Index, NGX Consumer Goods Index, NGX Oil/Gas index and the NGX Industrial Index rose by 0.39 per cent, 0.14 per cent, 1.37 per cent and 3.06 per cent respectively.

However, the total volume traded decreased by 9.6 per cent to 266.33 million units, valued at N3.82 billion, and exchanged in 4,502 deals.

On Wednesday, Transnational Corporation recorded the most traded stock by volume at 89.02 million units, while Seplat was the most traded stock by value at N930.23 million.

Also on the list of most traded stocks by volume, FBN Holdings came second, followed by Jaiz Bank, Sterling Bank and Guaranty Trust Holding Company.

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