Equities Market Rebounds By 0.26% On Bargain Hunting

The Nigerian equities market staged a rebound on Tuesday as renewed buying interest lifted investor sentiment across the bourse.

The All-Share Index (ASI) gained 632.79 points, representing a 0.26 percent increase to close at 245,911.13, following bargain-hunting activities after Monday’s sharp decline. Also, market capitalization rose by N412 billion to close at N159.67 trillion.

As measured by market breadth, market sentiment was positive, as 28 stocks gained relative to 21 losers. Austin Laz and Company emerged the highest price gainer of 9.97 per cent to close at N3.53, per share. ABC Transports followed with a gain of 9.92 per cent to close at N6.65, while Cutix rose by 9.91 per cent to close at N2.33, per share.

Thomas Wyatt Nigeria rose by 9.77 per cent to close at N2.92, while Caverton Offshore Support Group advanced by 9.76 per cent to close at N4.50, per share. On the other side, Livestock Feeds led others on the losers’ chart with 9.76 per cent to close at N17.10, per share. Guinea Insurance followed with a decline of 7.78 per cent each to close at 83 kobo, while NPF Microfinance Bank declined by 5.75 per cent to close at N4.10, per share.

Mutual Benefits Assurance shed 4.69 per cent to close at N3.05, while AIICO Insurance down by 3.06 per cent to close at N3.80, per share.

Meanwhile, trading activity remained mixed, as volume and deal count declined by 0.19 per cent and 24.43 per cent to 348.75 million shares and 32,639 deals, respectively, while turnover surged by 43.52 per cent to N25.88 billion.

Analysts noted that the recovery reflects bargain-hunting activities following the previous session’s sharp decline, as investors took advantage of lower market levels.