The Nigerian stocks market yesterday, rebounded with a gain of N46 billion on renewed bargain hunting. In summary, the All Share Index (ASI) gained 125.83 absolute points, representing a growth of 0.31 per cent to close at 40,875.69 points on Thursday.
Similarly, the market capitalization gained N45 billion to close at N14.766 trillion. The bullish performance is attributed to gains in Dangote Cement, Eterna, ETI, Nascon and Allied Industries and Zenith Bank. Analysts at Afrinvest Limited said “following the rebound in yesterday’s session, we expect bargain hunting to continue to drive positive market performance in the near term.”
However, market breadth closed negative, recording 21 gainers against 22 losers. Prestige Assurance recorded the highest price gain of 9.30 per cent, to close at 47 kobo per share, while Lasaco Assurance followed with a gain of 5.56 per cent to close at 38 kobo per share.
Transcorp appreciated by 4.85 per cent to close at N1.73, while May and Baker and Eterna went up by 4.66 per cent each to close at N2.92 and N6.29 per share, respectively.
On the other hand, Glaxosmith led the losers’ chart by 9.61 per cent, to close at N31.50 per share. Jaiz Bank shed 8.11 per cent to close at 68 kobo, while Japaul Oil and Maritime Services depreciated by 7.55 per cent to close at 49 per share.
International Breweries declined by 4.96 per cent to close at N51.70, while NPF Microfinance Bank recorded a downward trend by 4.72 per cent to close at N2.02 per share.
In line with improved market performance, activity level improved as volume and value traded increased by 23.5 per cent and 13.3 per cent respectively to 495.6 million units and N7.7 billion. Transactions in the shares of UBA topped the activity chart with 103.5 million shares valued at N1.23 billion. Fidelity Bank followed with 90.24 million shares worth N241.04 million, while Guaranty Trust Bank traded 62.99 million shares valued at N2.78 billion.
Access Bank traded 40.34 million shares valued at N474.6 million, while FBN Holdings transacted 31.4 million shares worth N380.58 million.