Stock Market Rebounds, Adds N1.52trn After Days Of Sell-Offs

The Nigerian equities market rebounded strongly at the start of the week after several consecutive sessions of losses, with a gain of N1.518 trillion, as renewed buying interest lifted investor sentiment across the bourse.

The All-Share Index (ASI) gained 2,277.92 points, representing a gain of 0.97 per cent to close at 238,219.19 points. Also, market capitalisation rose by N1.518 trillion to close at N152.845 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; MTN Nigerian Communications, Guaranty Trust Holding Company (GTCO), Zenith Bank, First Holdco and Lafarge Africa.

On market performance, Imperial Asset Managers Limited said, the market has opened the week with a firm headline advance, yet the underlying structure, negative breadth and a banking-led, narrowly concentrated gain, warrants a measured reading of the session.

On outlook, Cowry Assets Management Limited noted that heading into the next session, the market is expected to sustain its bullish momentum as investor sentiment turns increasingly positive, particularly in the banking sector, and portfolio rebalancing gathers pace.

Market breadth was broadly negative, as 35 decliners outpaced 17 advancers. First Holdco and GTCO emerged as the highest price gainers, up 10 per cent each, to close at N60.50 and N127.10, respectively, while International Energy Insurance followed with a gain of 9.88 per cent to close at N5.56 per share.

McNichols rose by 9.56 per cent to close at N7.45, while Zenith Bank rose by 7.09 per cent to close at N117.80 per share.

On the other side, Zichis Agro Allied Industries led others on the losers’ chart with 10 per cent to close at N23.40 per share. Consolidated Hallmark Insurance followed with a decline of 9.94 per cent to close at N6.43, while Eterna declined by 9.90 per cent to close at N27.75 per share

DEAP Capital Management & Trust shed 9.82 per cent to close at N4.41, while Austin Laz & Company lost 9.74 per cent to close at N3.52 per share.

Total traded volume rose by 11.07 per cent to 489.096 million units, valued at N36.493 billion, and exchanged in 63,567 deals. Transactions in Fidelity Bank shares led activity, with 48.735 million shares worth N894.216 million. United Bank for Africa (UBA) followed with account of 42.282 million shares valued at N1.691 billion, while Access Holdings traded 39.252 million shares valued at N886.126 million.

Zenith Bank traded 30.042 million shares worth N3.455 billion, while MTNN traded 20.825 million shares worth N16.598 billion.