Market Rebounds By N26bn As Key Banking Stocks Rally

The Nigerian stock market yesterday closed N26 billion higher as investor interests in Guaranty Trust Holding Company (GTCO), Zenith Bank and United Bank for Africa (UBA) pushed the broader index into positive terrain.

The All-Share Index rose by 46.94 per cent, representing a gain of 0.05 per cent, to close at 100,067.77 points. Similarly, the overall market capitalisation value gained N26 billion to close at N56.607 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Nigerian Aviation Handling Company (NAHCO), Fidson Healthcare, Zenith Bank, GTCO and UBA.

However, the market breadth closed slightly negative, as 22 stocks gained relative to 24 losers. Cornerstone Insurance recorded the highest price gain of 10 per cent to close at N2.09, per share.

Jaiz Bank followed with a gain of 9.95 per cent to close at N2.21, while WAPIC Insurance rose by 9.59 per cent to close at 80 kobo, per share.

Fidson Healthcare appreciated by 9.26 per cent to close at N14.75, while Guinea Insurance rose by 8.82 per cent to close at 37 kobo, per share.

On the other hand, RT Briscoe Nigeria led the losers’ chart by 9.86 per cent to close at 64 kobo, per share. Cutix followed with a decline of 6.82 per cent to close at N4.10, while C&I Leasing declined by 6.25 per cent to close at N3.00, per share.

Prestige Assurance shed 5.56 per cent to close at 51 kobo, while CWG lost 5.33 per cent to close at N8.00, per share.

The total volume of trade decreased by 33.11 per cent to 365.642 million units, valued at N4.116 billion, and exchanged in 8,665 deals. Transactions in the shares of Universal Insurance topped the activity chart with 61.525 million shares valued at N24.359 million. AIICO Insurance followed with 31.723 million shares worth N32.509 million, while UBA traded 25.855 million shares valued at N581.911 million.