Nigerian bourse rebounds by 0.68% after persistent losses

By Thompson ABISOLA

Activities on the Nigerian Stock Exchange (NSE) rebounded on Tuesday with its indices growing by 0.68 per cent, to halt over seven days of persistent losses.

The  market capitalisation increased by N77 billion or 0.68 per cent to close at N11.320 trillion, compared to N11. 243 trillion achieved on Monday.

Similarly, the All-Share Index which opened at 30,798.76 on Monday rose by 208.49 points or 0.68% to close at 31,007.25 due to some price gains.

A breakdown of the price movement table shows that Guaranty Trust Bank led the gainers’ table for the day, gaining N1.30 to close at N35.95 per share.

Stanbic IBTC followed with a gain of 50k to close at N46.55, while United Bank for Africa also added 50k to close at N8 per share.

Zenith Bank reaped 40k to close at N24, while Cadbury advanced by 20k to close at N9.45 per share.

Market analysts attributed the development to investors’ decision to take advantage of the low prices of equities.

Conversely, Lafarge Africa recorded the highest loss to lead the laggards’ table shedding 60k to close at N12.80 per share.

Unilever trailed with a loss of 40k to close at N39.50, while Nigerian Breweries was down by 40k to close at N80 per share.

May and Baker depreciated by 20k to close at N2.30, while Linkage Assurance dropped by 6k to close at 56k per share.

An analysis of the activity chart indicates that FBN Holdings was the most active, trading 63.92 million shares worth N479.30 million.

Access Bank followed with an account of 23.15 million shares valued at N172.94 million, while Ecobank Transnational traded 16.47 million shares worth N263.66 million.

FCMB Group sold 11.85 million shares valued at N18.45 million, while Guaranty Trust Bank exchanged 11.59 million shares worth N407.28 million.

In all, the volume of shares traded dropped by 20.50 per cent as investors bought and sold 198.54 million shares worth N2.12 billion in 2,802 deals.

This was against a turnover of 249.74 million shares valued at N2.72 billion achieved in 3,122 deals on Monday.

 

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