Nigerian stock market rebounds as investors gain N178.14bn

The Nigerian stock market started the week on a positive note, as the All-Share Index increased by 0.89 per cent to 38,722.87 basis points.

As the market capitalisation fell by 0.89 per cent to close at N20.26tn, investors gained N178.14bn.

At the close of Monday’s trading, 26 stocks advanced against eight stocks that traded down.

Amid the renewed positive sentiment, the Year-to-Date loss of the ASI was -3.88 per cent.

Investors were bullish on mid and large cap tickers, as Stanbic IBTC Holdings, United Bank for Africa, BUA Cement, Ardova and UAC of Nigeria lifted their respective share prices by 10 per cent, 1.47 per cent, 5.08 per cent, 3.70 per cent and 6.67 per cent.

Breakdown across sectors tracked showed a strong bullish performance with four out of five indices closed positive.

The insurance, consumer goods, oil and gas and industrial indices advanced by 0.44 per cent, 0.29 per cent, 0.14 per cent and 2.12 per cent respectively, while the banking index fell by 0.01 per cent.

Trading activity was weak, as total deals, volume and value of stocks traded declined.

At the close of the day’s trading, the total volume of trade declined by 4.60 per cent to 277.23 million units valued at N3.05bn in 4,299 deals.