Nigerian stock rebounds, records N355.73bn gain

The Nigerian stock market rebounded on Thursday after two consecutive losses as more of the first quarter financial results of quoted companies were released.

Amid the bargain hunting activity, the All-Share Index rose by 1.75 per cent to settle at 39,461.20 points, while the market capitalisation which opened at N20.296tn closed at N20.65tn.

At the close of the day’s trading, investors gained N355.73bn.

While 24 stocks closed in the green, 17 stocks closed in the red, as the year-to-date loss of the ASI lowered to -2.01 per cent.

Sentiment was positive in the market on account of corporate releases, as stocks such as Dangote Cement, MTN Nigeria Communications, Okomu Oil Palm, and Julius Berger Nigeria enjoyed investors’ patronage.

Their share prices rose by 7.84 per cent, 3.94 per cent, 5.26 per cent and 10 per cent respectively.

Of the five indices tracked, two closed in green zone: the insurance and industrial indices that rose by 1.36 per cent and 3.58 per cent respectively.

While banking and consumer goods indices fell by 1.35 per cent and 0.22 per cent, the oil and gas index closed flat.

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

The total volume of stocks dropped by 14.05 per cent to 223.03 million units, valued at N1.73bn in 3,409 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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