Stock Market Rebounds By N379bn Amid Fresh Optimism

The Nigerian stock market yesterday closed N379 billion higher as investor interests in Nigerian Aviation Handling Company (NAHCO) Plc and 60 others pushed the broader index into positive terrain.

The All-Share Index rose by 598.67 per cent, representing a gain of 0.50 per cent, to close at 120,339.90 points. Similarly, the overall market capitalisation value gained N379 billion to close at N76.180 trillion.
The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; NAHCO, CAP, Lafarge Africa, Honeywell Flour Mills and Nigerian Breweries.

Investor sentiment remained largely positive, reflected in a strong market breadth; 61 stocks closed in the green compared to 15 decliners. C&I Leasing, Cutix, Ellah Lakes, International Energy Insurance, Omatek Ventures, Secure Electronic Technology, Smart Products Nigeria and Thomas Wyatt Nigeria recorded the highest price gain of 10 per cent each to close at N5.06, N3.96, N9.24, N1.98, 88 kobo, 66 kobo, 66 kobo and N1.87 respectively, per share.

Caverton Offshore Support Group followed with a gain of 9.98 per cent to close at N6.94, while FTN Cocoa processors and Meyer rose by 9.95 per cent each to close at N4.42 and N12.15, per share.

On the other hand, Deap Capital Management & Trust led the losers’ chart by 9.09 per cent to close at N1.00, per share. John Holt followed with a decline of 5.41 per cent to close at N7.00, while Dangote Sugar Refinery declined by 5.32 per cent to close at N44.50, per share.

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Universal Insurance shed 4.76 per cent to close at 60 kobo, while Oando lost 4.73 per cent to close at N52.35, per share.

The total volume of trade rose by 99.1 per cent to 1.047 billion units, valued at N12.174 billion, and exchanged in 21,964 deals. Transactions in the shares of Royal Exchange topped the activity chart with 218.699 million shares valued at N229.107 million. Japaul Gold & Ventures followed with 174.088 million shares worth N473.443 million, while Ellah Lakes traded 83.468 million shares valued at N762.225 million.

Wema Bank traded 71.135 million shares valued at N1.068 billion, while Chams Holding Company transacted 37.580 million shares worth N87.140 million.