Stocks Bounce Back With N629bn Gain On Fresh Buying Interest

The Nigerian equities market staged a rebound, with the overall capitalisation gaining N629 billion.
The All Share Index (ASI) gained by 979.36 points, representing a growth of 0.41 per cent to close at 242,729.51 points. Accordingly, market capitalisation rose by N629 billion to close at N155.781 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Chemical and Allied Products (CAP), Vitaform Nigeria, Berger Paints and Dangote Sugar Refinery.

On market outlook, Cowry Assets Management Limited stated that “heading into Thursday’s session, the market is expected to sustain its bullish momentum, underpinned by renewed positive investor sentiment amid the ongoing earnings season.”

Market breadth was broadly positive, as 47 gainers outpaced 23 losers. Airtel Africa recorded the highest price gain of 10 per cent to close at N3,323.40, per share. CAP followed with a gain of 9.99 per cent to close at N193.20, while Zichis Agro Allied Industries rose by 9.97 per cent to close at N27.58, per share.

RT Briscoe went up by 9.95 per cent to close at N1.28, while FTN Cocoa Processors and DEAP Capital Management & Trust appreciated by 9.92 per cent each to close at N7.31 and N5.54 respectively, per share.

On the other hand, SUNU Assurance led the losers’ chart by 10 per cent, to close at N4.05, per share. Guinness Nigeria followed with a decline of 9.99 per cent to close at N402.60, while Caverton Offshore Support Group declined by 8.33 per cent to close at N5.50, per share.

Fortis Global Insurance depreciated by 7.69 per cent to close at N1.08 and May & Baker Nigeria declined by 6.82 per cent to close at N41.00, per share.
The total volume traded advanced by 11.59 per cent to 1.415 billion units, valued at N59.426 billion, and exchanged in 85,804 deals.

Transactions in the shares of CWG topped the activity chart with 421.699 million shares valued at N8.853 billion. Access Holdings followed with 85.420 million shares worth N2.117 billion, while Chams Holdings traded 83.392 million shares valued at N267.021 million.
Secure Electronic Technology traded 59.755 million shares valued at N59.515 million, while Zenith Bank sold 56.025 million shares worth N7.170 billion.