Investors gain N78.12bn as Nigerian stock market rebounds

Amid renewed bargain-hunting activity on Thursday, the Nigerian stock market rebounded after having traded in losses for three consecutive sessions.

The All-share Index rose by 0.40 per cent to close at 37,954.35 points, as positive sentiment prevailed on the market.

The market capitalisation also increased to close at N19.78tn, leaving investors with a gain of N78.12bn.

Following the northwards movement, 20 companies’ stocks appreciated against 14 stocks that declined, while the year-to-date loss of the ASI fell to -5.75 per cent.

The day’s trading session also saw bargain-hunting in large capitalised stocks such as Zenith Bank, GTHoldCo, BUA Cement and FBN Holdings as their share prices increased by 1.28 per cent, 1.58 per cent, 2.14 per cent and 1.41 per cent respectively.

Breakdown across sub-sector tracked indicated that four out of five indices closed in the green territory.

The banking, consumer goods, oil and gas and industrial indices rose by 0.61 per cent, 0.20 per cent, 0.33 per cent and 0.88 per cent respectively, while the insurance index moderated by 0.30 per cent.

Trading activity was weak as total deals and volume of stock traded fell.

At the close of the day’s trading, the total volume of stocks declined by 19.65 per cent to 167.40 million units, valued at N1.83bn in 3,256 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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