Stock Market Rebounds, Gains N166bn

Recovering from the previous session’s loss, the domestic stock market yesterday posted gains as the overall capitalization rose by N166 billion.

The All-Share Index (ASI) gained 303.34 points, representing a gain of 0.43 per cent to close at 71,250.17 points. Also, market capitalisation rose by N166 billion to close at N38.989 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Cement, Northern Nigeria Flour Mills (NNFM), FBN Holdings (FBNH), Access Holdings and UAC of Nigeria (UACN).

As measured by market breadth, market sentiment was positive, as 40 stocks gained relative to 16 losers. Secure Electronic Technology emerged the highest price gainer of 10 per cent to close at 77 kobo, per share.

Multiverse Mining and Exploration followed with a gain of 9.95 per cent to close at N7.07, while SUNU Assurance advanced by 9.92 per cent to close at N1.33, per share.

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FBNH rose by 9.86 per cent to close at N26.75, while Thomas Wyatt Nigeria appreciated by 9.82 per cent to close at N3.02, per share. On the other side, Abbey Mortgage Bank led others on the losers’ chart with 9.88 per cent to close at N1.55, per share. FTN Cocoa Processors followed with a decline of 9.09 per cent to close at N1.50, while DAAR Communications shed 8.82 per cent to close at 31 kobo, per share.

Wapic Insurance lost 7.14 per cent to close at 65 kobo, while Veritas Kapital Assurance depreciated by 5.41 per cent to close at 35 kobo, per share.

The total volume traded rose by 20.93 per cent to 433.568 million units, valued at N11.114 billion, and exchanged in 7,016 deals.

Transactions in the shares of UACN led the activity with 61.711 million shares worth N947.412 million. United Bank for Africa (UBA) followed with 58.297 million shares valued at N1.241 billion, while Guaranty Trust Holding Company (GTCO) traded 22.997 million shares valued at N908.187 million.

Nigeria Infrastructure Debt Fund (NIDF) traded 20.518 million shares worth N2.223 billion, while Access Holdings traded 19.985 million shares worth N377.897 million.