Local stock market rebounds by 1.4% as investors earn N364.4bn

Equities trading at the Nigerian Exchange Limited (NGX), on Tuesday, was impressive as the market rebounded with the benchmark index posting 1.35 per cent gain.

The All Share Index (ASI) rose by 1.35 per cent amid renewed bargain hunting activity, especially on Consumer goods stocks such as Honeywell Flour Mills, Nestle Nigeria, Unilever and International Breweries having advanced I shared value by 9.66 per cent, 2.99 per cent, 2.74 per cent and 2.00 per cent, respectively.

Tier-1 banking stocks, Zenith Bank and Guaranty Trust Holding Company, also, Telecommunications heavyweight MTN Nigeria saw appreciation of their share prices by 1.90 per cent, 1.75 per cent and 7.45 per cent respectively.

Consequently, the year-to-date (YTD) return rose to 18.52 per cent, while the market capitalisation settled at N27.30 trillion. Thus investors gained N364.39 billion by the end of the day’s trading activities.

Market breadth closed positive with advancing issues outnumbering declining ones. Honeywell Flour Mills led 18 others on the leader’s log while Wapic topped seven others on the laggard’s table.

Sectorial performance was strong as the NGX Banking Indices, NGX Consumer Goods Indices and the NGX Industrial Indices rose by 0.63 per cent, 1.14 per cent and 0.02 per cent respectively; while the NGX Insurance Indices fell by 0.04 per cent. The NGX Oil/Gas Indices remained unchanged.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions increasing by 25.99 per cent. A total of 129.17 million units of shares valued at N2.86 billion were exchanged in 4,706 deals. FBN Holdings led the volume chart with 14.59 million units while Nestle Nigeria led the value chart in deals worth N748.09 million.

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Local stock market rebounds by 1.4% as investors earn N364.4bn