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Market Rebounds With 0.67% Gain On 16 Stocks



The Nigerian stock market rebounded in yesterday’s trading session with a gain of 0.67 per cent due to buying interests in 16 stocks.

The All – Share – Index (ASI) gained 216.12 absolute points, representing a growth of 0.67 per cent, to close at 32,406.17 points. Similarly, market capitalisation grew by N81 billion, to close at N12.085 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Presco, Zenith Bank, Guaranty Trust Bank, Dangote Sugar and Custodian Investment.

Analysts at Afrinvest Limited said that “despite yesterday’s rebound in market performance, we advise investors to trade cautiously as we expect sell pressures to return to the market by close of the week, eve of the rescheduled presidential elections.”

Market breadth closed positive, recording 16 gainers against 14 losers. Japaul Oil & Maritime Services and Sovereign Trust Insurance recorded the highest price gain of 9.52 per cent, each to close at 23 kobo, each, Associated Bus Company followed with a gain of 9.09 per cent to close at 48 kobo, per share.

Custodian Investment appreciated by 8.26 per cent to close at N6.55, while Academy Press up by 8.11 per cent to close at 40 kobo, per share. On the other hand, First Aluminium led the losers’ chart by 10 per cent, to close at 27 kobo, per share. Transnational Corporation of Nigeria (Transcorp) followed with a decline of 9.74 per cent to close at N1.39, while Wema Bank lost 9.68 per cent to close at 84 kobo, per share.

Unity Bank shed 9.65 per cent to close at N1.03, while Union Diagnostic & Clinical Services  depreciated by 6.90 per cent, to close at 27 kobo, per share.

Total volume of trades increased by 55.01 per cent to 361.82 million units, valued at N4.16 billion and exchanged in 4,623 deals. Transactions in the shares of Transcorp topped the activity chart with 120.22 million shares valued at N168.21 million. Zenith Bank followed with 37.34 million shares worth N925.54 million, while FBN Holdings traded 31.18 million shares valued at N250.64 million.

Diamond Bank traded 20.88 million shares valued at N49.31 million, while Guaranty Trust Bank transacted 20.87 million shares worth N778.03 million.





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