Stock market rebounds marginally by 0.01%

Stock market rebounds marginally by 0.01%

The Nigerian equities market rose marginally by 0.01 per cent, yesterday, occasioned by price gains in some highly capitalised stocks
As a result, the All-Share Index gained 4.16 points or 0.01 per cent to close at 30,736.88 points. Similarly, market capitalisation rose by N1 billion to close at N11.462 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat Petroleum Development Company, Red Star Express, Guaranty Trust Bank, Custodian Investment and Oando.

Analysts at Afrinvest Limited said that “despite the slightly positive performance today, we expect to see profit taking in subsequent sessions.”

Market breadth closed positive, recorded 26 gainers as against 10 losers. Linkage Assurance recorded the highest price gain of 9.84 per cent, to close at 67 kobo per share. Red Star Express followed with a gain of 9.09 per cent to close at N4.80, while Nigerian Aviation Handling Company (NAHCO) rose 8.39 per cent to close at N3.49, per share.

Royal Exchange appreciated by 7.41 per cent to close at 29 kobo, while Oando up by 6.82 per cent to close at N4.70, per share.

On the other hand, NcNichols led the losers’ chart by 9.30 per cent, to close at 39 kobo, per share. Sovereign Trust Insurance followed with a decline of 8.33 per cent to close at 22 kobo, whole Cement Company of Northern Nigeria (CCNN) lost 7.06 per cent to close at N25, per share.

Wapic Insurance shed 4.76 per cent to close at 40 kobo, while NEM Insurance depreciated by 3.85 per cent, to close at N2.50, per share.

Total volume of trades decreased by 50.72 per cent to 245.99 million units, valued at N2.44 billion and exchanged in 3,320 deals. Transactions in the shares of Diamond Bank topped the activity chart with 71.58 million shares valued at N149.05 million. Access Bank followed with 27 million shares worth N151.13 million, while Guaranty Trust Bank traded 26.57 million shares valued at N847.79 million.

United Bank for Africa (UBA) traded 21.96 million shares valued at N159.78 million, while FBN Holdings transacted 16.94 million shares worth N123.62 million.





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