Stock market rebounds, index appreciates by 0.9 per cent

After days of consistent decline, the bulls finally got a foothold, as equity transactions on the trading floor of the Nigerian Stock Exchange (NSE), rebounded yesterday, following price gains recorded by major highly capitalised stocks, as the All-share index rose by 0.9 per cent.

Specifically, at the close of transactions yesterday, the All-Share Index (ASI) gains 377.55 absolute points, representing a growth of 0.93 per cent to close at 40,992.97 points from 40,615.42 recorded on Wednesday. Similarly, the market capitalisation of listed equities increased N137billion from N14.712trillion to close at N14.849trillion.

The bullish performance can be attributed to gains in Dangote Cement, Nestle Nigeria, Nigerian Breweries, Unilever Nigeria, and Dangote Sugar. However, market breadth closed negative, recording 15 gainers against 30 losers.

On the price movement chart, Cutix recorded the highest price gain of five per cent, to close at N3.15 per share. Unilever Nigeria followed with a growth of 4.91 per cent to close at N52.35 per share.

NPF Micro Finance Bank gained 4.86 per cent to close at N1.94 per share. Sovereign Trust Insurance appreciated by 4.76 per cent to close at 22 kobo, while AXA Mansard Insurance went up by 4.70 per cent each to close at N2.45 per share.

However, Skye Bank led the losers’ chart by 9.41 per cent, to close at 77 kobo per share. Diamond Bank shed 9.15 per cent to close at N1.49.Japaul Oil and Maritime Services depreciated by 5.71 per cent to close at 33 kobo per share. Union Bank declined by 5.19 per cent to close at N6.40, while Cement Company of Northern Nigeria down by five per cent to close at N27.55 per share.

In line with improved market performance, activity level improved as volume traded increased by 27.6 per cent to 259.49 million units, valued at N4.36billion in 4,000 deals. Transactions in the shares of Diamond Bank topped the activity chart with 68.56 million shares valued at N102.23million.

Zenith Bank followed with 33.82 million shares worth N943.14million, while Guaranty Trust Bank traded 31.42 million shares valued at N1.38billion.FCMB Groups traded 16.89 million shares valued at N43.36million, while Trans-Nationwide Express transacted 10.1 million shares worth N8.27million.