The Nigerian stocks market yesterday rebounded with a gain of N253 billion on renewed bargain hunting.
The All Share Index gained 702.43 points or 1.72 per cent, the highest this month and to close trading for the month of March at 41,504.51 points while year-to-date return increased to 8.5 per cent. Accordingly, investors gained N253 billion in value as market capitalisation strengthened to N14.993 trillion.
Yesterday’s bullish performance was largely driven by upticks in Dangote Cement, Nestle Nigeria, Total Nigeria, Mobil Nigeria and Nigerian Breweries.
Analysts at Afrinvest Limited said “In line with expectation, there was a rebound in market performance at the close of the trading week following bargain hunting in blue chip stocks that had previously declined. Hence, our anticipation of improved buying sentiment to buoy performance in the near term remains.”
However, market breadth still remained negative, with 23 gainers versus 27 losers. Custodian and Allied Insurance recorded the highest price gain of 10 per cent, to close at N4.96 per share. Fidelity Bank gained 8.1 per cent to close at N2.68, while Wema Bank appreciated by 6.5 per cent to close at 99 kobo per share.
Vitafoam Nigeria and Mobil went up by five per cent each to close at N3.15 and N185.80 per share, respectively.
On the other hand, CI Leasing led the losers’ chart by 9.5 per cent, to close at N1.72 per share. Japaul Oil shed 9.2 per cent to close at 59 kobo, while Champion Breweries depreciated by seven per cent to close at N2.40 per share.
CCNN declined by 4.8 per cent to close at N18.70, while Jaiz Bank down by 4.7 per cent to close at 81 kobo per share.
The total volume traded depreciated by 49.4 per cent to 272.61 million shares, worth N3.72 billion, and traded in 4,368 deals. Transactions in the shares of Zenith Bank topped the activity chart with 45.34 million shares valued at N1.35 billion. Skye Bank followed with 33.9 million shares worth N26.13 million, while UBA traded 22.48 million shares valued at N263.48 million.
Fidelity Bank traded 16.33 million shares valued at N41.88 million, while Access Bank transacted 15.71 million shares worth N175.65 million.