Stock Market Rebounds By N683bn As Investors Trade 3.67bn Shares

The Nigerian equities market rebounded yesterday, shaking off the previous session’s profit-taking to resume its upward trajectory by N683 billion as investors traded 3.67 billion shares.

The All Share Index (ASI) gained by 1,065.02 points, representing a growth of 0.56 per cent to close at 190,427.96 points. Also, market capitalisation rose by N683 billion to close at N122.236 trillion.

The upturn was driven by gains in medium- and large-capitalised stocks, including Seplat Energy, Presco, Beta Glass, Skyway Aviation Handling Company, and Julius Berger Nigeria.

On market outlook, Imperial Asset Managers Limited said, “given the market’s recent recovery and impressive trading volumes, our near-term outlook remains cautiously optimistic. We anticipate sustained interest in fundamentally sound equities, even as natural profit-taking cycles occur. We continue to recommend that investors focus their portfolios on highly liquid, dividend-paying stocks.”

Meanwhile, market sentiment closed negative with 33 gainers overshadowed by 41 losers. Beta Glass, AXA Mansard Insurance and Skyway Aviation Handling Company followed with gains of 10 per cent each to close at N498.50, N17.05 and N128.70 per share, respectively.

Zichis Agros Allied Industries followed with a gain of 9.95 per cent to close at N14.36, while Japaul Gold & Ventures up by 9.90 per cent to close at N3.33 per share.

On the other hand, DEAP Capital Management & Trust led the losers’ chart by 10 per cent to close at N6.30 per share. MeCure Industries followed with a 9.99 per cent decline to close at N84.25, while Vitafoam Nigeria declined by 9.98 per cent to close at N116.85 per share.

Union Dicon Salt depreciated by 9.80 per cent to close at N18.40, while Abbey Mortgage Bank declined by 9.62 per cent to close at N10.80 per share.

Also, the total volume traded surged by 205.73 per cent to 3.668 billion units, valued at N61.883 billion, and exchanged in 68,693 deals. Transactions in the shares of FCMB Group topped the activity chart with 2.941 billion shares valued at N35.880 billion. Chams Holding Company followed with 59.274 million shares worth N249.011 million, while Secure Electronic Technology traded 52.289 million shares valued at N104.530 million.

Mutual Benefit Assurance traded 37.591 million shares valued at N165.311 million, while Access Holdings sold 34.765 million shares worth N876.842 million.