Bulls upstage bears as NGX rebounds by 0.56%

Finally, the bulls took the stage on the floor of the Nigerian Exchange Limited on Friday, and halted nine consecutive sessions of bearish activity.

The All-share Index rose by 0.56 per cent to 38,256.95 points amid renewed bargain-hunting activity.

The market capitalisation also rose by 0.56 per cent to close at N19.94tn, as the market returned gain of N110.71bn to investors at the close of the day’s trading.

Given the positive sentiment, 31 stocks gained against 12 stocks that declined, while the year-to-date loss of the ASI fell to -5.0 per cent.

Large capitalised stocks such as SEPLAT Petroleum Development Company, Nestle Nigeria, Dangote Cement, MTN Nigeria Communications and Zenith Bank were the toast of investors, as their share prices appreciated by 2.43 per cent, 1.12 per cent, 4.17 per cent, 0.25 per cent and 0.44 per cent respectively.

Sectoral performance was positive as all the sub-sector indices tracked closed in green territory.

The banking, insurance, consumer goods, oil and gas and industrial indices rose by 0.14 per cent, 2.50 per cent, 0.56 per cent, 1.78 per cent and 0.57 per cent respectively.

Trading activity was upbeat as total volume and value of stock traded rose, hence the total volume of stocks rose by 6.77 per cent to 228.67 million units, valued at N3.67bn in 3,318 deals.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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