Stock Market Rebounds With N30bn Gain

The Nigerian stock market rebounded on Friday after a day downturn session as N30 billion gain was added to investors’ portfolios.

Gains in Red Star Express, NCR Nigeria, SCOA, Omatek and Deap Capital Management drove the market into positive terrain.

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N106.323 trillion, increased by N30 billion to close at N106.353 trillion.

Similarly, the All-Share Index rose by 0.04 per cent or 72.21 points to close at 166,129.50 up from 166,057.29 reported on Thursday.

The market breadth also closed positive with 43 gainers and 26 losers.

Red Star Express led the gainers’ table by 10 per cent, finishing at N13.20, NCR Nigeria trailed by 9.97 per cent, settling at N128.55 and SCOA rose by 9.96 per cent, ending the session at N14.90 per share.

Omatek Ventures gained by 9.94 per cent, closing at N1.77, while Deap Capital Management dropped by 9.85 per cent, settling at N4.46 per share.

Conversely, Mc Nicholas led the losers’ table by 8.81 per cent, ending the session at N6, Legend Internet followed by 7.56 per cent, finishing at N5.50 and Cornerstone Insurance shed by 6 48 per cent, closing at N6.35 per share.

Also, Cileasing dipped by 6.29 per cent, settling at N8.20 and Austinlaz decreased by 5.78 per cent, closing at N3.75 per share.

Analysis of the market activity revealed an overall decline in the market deals, volume and value as 539.9 million shares worth N16.7 billion were traded across 48,023 transactions.

This is compared with 1.03 billion shares valued at N31.6 billion that was exchanged in 51,227 deals earlier on Thursday.

Zenith Bank recorded the highest volume and value with 54.55 million shares traded at N3.79 billion.

These accounted for 10.10 per cent and 22.68 per cent respectively, of total volume and value traded for the day.