Equities Market Rebounds, Gains N565bn

Domestic equities yesterday bounced back from losses earlier in the week with N565 billion gain due to buy interest in Dangote Cement Plc and others.

Hence, the All-Share Index gained by 1,037.43 points, representing an increase of 1.62 per cent to close at 65,204.82 points. Similarly, the overall market capitalisation value appreciated by N565 billion to close at N35.484 trillion.

The market Positive performance was driven by price appreciation in large and medium capitalised stocks which are; Dangote Cement, FBN Holdings (FBNH), MTN Nigeria Communications (MTNN), Guaranty Trust Holding Company (GTCO) and Chellaram.

Investors sentiment, as measured by market breadth closed Positive as 23 stocks gained relative to 19 declined. Chellaram recorded the highest price gain of 10 per cent to close at N4.40, per share. SCOA Nigeria followed with a gain of 9.35 per cent to close at N1.17, while Dangote Cement rose by 9.34 per cent to close at N349.90, per share.

Thomas Wyatt Nigeria rose by 9.32 per cent to close at N1.29, while Guinea Insurance, Cornerstone Insurance, Universal Insurance and Caverton Offshore Support Group gained 9.09 per cent each to close at 36 kobo, N1.08, 24 kobo and N1.44 respectively, per share.

On the other hand, Chemical and Allied Products (CAP) led the losers’ chart by 10 per cent to close at N19.80, per share. Academy Press followed with a decline of 9.36 per cent to close at N2.13, while Dangote Sugar Refinery lost 6.63 per cent to close at N32.40, per share.

GlaxoSmithKline Consumer Nigeria declined 6.60 per cent to close at N9.20, while Chams Holding Company shed 5.05 per cent to close at 94 kobo, per share.

The total volume of trade advanced by 51.74 per cent to 361.197 million units, valued at N5.744 billion, and exchanged in 5,531 deals. Transactions in the shares of FBNH topped the activity chart with 140.18 million shares valued at N2.609 billion. Fidelity Bank followed with 21.559 million shares worth N165.187 million, while Universal Insurance traded 18.707 million shares valued at N4.211 million.