Stock market reverses losses, gains N65bn
In line with some analysts’ expectations, the nation’s stock market experienced a rebound on Tuesday as the domestic equities market reversed some of its previous losses, gaining N65bn at the end of trading on the floor of the Nigerian Stock Exchange.
Gains in FBN Holdings Plc (6.71 per cent), Nestlé Nigeria Plc (2.26 per cent) and United Bank for Africa Plc (6.94 per cent) drove the market capitalisation to N11.821tn from N11.756tn on Monday.
A total of 269.814 million stocks valued at N2.653bn exchanged hands in 4,705 deals as 27 stocks, led by First Aluminium Nigeria Plc, dragged the market’s All Share Index 56 basis points higher to 32,381.00 bps.
The year-to-date return improved to -15.3 per cent, while activity level strengthened as value and volume traded increased by 23.3 per cent and 67.9 per cent to N2.653bn and 269.814 million units, respectively.
The top traded stocks by value were Access Bank Plc (N679.8m), Zenith Bank Plc (N338.4m), and International Breweries Plc (N229.7m) while the top traded stocks by volume were Access Bank (84.9 million), Skye Bank Plc (22.9 million) and Zenith Bank (16.4 million).
Sector performance was largely bullish as four out of the five indices closed positive.
The banking index led gainers as bargain hunting in Zenith Bank and UBA increased the index by 1.26 per cent.
The oil and gas and consumer goods indices rose by 0.32 per cent each on the back of buying interest in Forte Oil Plc, Eterna Plc, Nestle and Dangote Sugar Refinery Plc.
The industrial index was boosted by 0.02 per cent due to price appreciation in Cutix Plc.
On the flip side, the insurance index was the lone loser, depreciating by 0.25 per cent following sell pressures in Universal Insurance Plc and Cornerstone Insurance Plc.
The top five losers were First Aluminium Nigeria Plc, Prestige Assurance Plc, Royal Exchange Plc, Unity Bank Plc, and Union Diagnostic & Clinical Services Plc
First Aluminium saw its share price increased by 10 per cent to close at N0.33, while Prestige Assurance saw a price appreciation of 9.62 per cent to close at N0.57 per share.
Royal Exchange, Unity Bank, and Union Diagnostic saw their respective share prices increase by 9.52 per cent, 9.41 per cent and 9.38 per cent to close at N0.23, N0.93 and N0.35, respectively.
The top five losers were Red Star Express Plc, Standard Alliance Insurance Plc, Cornerstone Insurance Plc, Sovereign Trust Insurance Plc and Universal Insurance Plc. They depreciated by 9.09 per cent, 8.70 per cent, 8.70 per cent 8.33 per cent, and eight per cent, respectively. culled from punchng.com