The equities market rebounded yesterday, as renewed interest in 48 stocks lifted market capitalisation by N314 billion.
Thus, the All-Share Index advanced by 572.7 points, representing a gain of 0.70 per cent to close at 82,597.08 points. Also, market capitalisation rose by N314 billion to close at N 45.199 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Julius Berger, Cadbury Nigeria, FBN Holdings (FBNH), PZ Cussons Nigeria and United Bank for Africa (UBA).
On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “We expect a more stable close to the week, as investors cherry-pick counters across board.”
SCM Capital said: “As the NGX-ASI surpasses the significant psychological threshold of 80,000, market participants are strategically positioning themselves to capitalise on the notable price appreciation.”
As measured by market breadth, market sentiment was positive, as 48 stocks gained relative to 22 losses. Guinea Insurance and Royal Exchange emerged the highest price gainer of 9.66 per cent to close at N1.59 kobo.
SCOA Nigeria followed with a gain of 10 per cent each to close at 44 kobo and 99 kobo respectively, while Julius Berger advanced by 9.92 per cent to close at N56.50 kobo.
Cadbury Nigeria rose by 9.77 per cent to close at N21.90 kobo while The Initiates Plc (TIP) appreciated by 9.74 per cent to close at N1.69 kobo.
On the other side, Abbey Morgage Bank and Ikeja Hotel led others on the losers’ chart with 9.90 per cent each to close at N2.73 kobo and N7.83 kobo respectively, while Caverton Offshore Support Group followed with a decline of 9.66 per cent to close at N1.87 30 kobo.
DAAR Communications lost 9.38 per cent to close at 87 kobo, while NPF Microfinance Bank depreciated by 7.91 per cent to close at N1.98 kobo.
The total volume traded declined by 46.6 per cent to 877.28 million units, valued at N14.41 billion, and exchanged in 14,919 deals. Transactions in the shares of Transnational Corporation (Transcorp) led the activity with 74.535 million shares worth N935.421 million.
Sterling Financial Holdings Company followed with account of 54.324 million shares valued at N341.577 million, while Access Holdings traded 54.115 million shares valued at N1.505 billion.
AIICO Insurance traded 53.904 million shares worth N71.981 million, while UBA traded 52.274 million shares worth N1.574 billion.
