Equities rebound as stock market index rises by 0.18 per cent

Price gains recorded by some blue-chip stocks yesterday, aided the rebound of market indices at the close of trading on the Nigerian Stock Exchange (NSE), as the All-share index increased by 0.18 per cent.

Specifically, the All-Share Index (ASI) appreciated by 48.35 absolute points, representing a decline of 0.18 per cent to close at 26,739.44 points. Similarly, the market capitalisation rose by N23 billion to close at N12.906 trillion.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Conoil, MTN Nigeria, Forte Oil, Nigerian Breweries and Ekocorp.

Analysts at Afrinvest Limited said: “We expect to see a mixed performance following improved interest in the market.”

Analysts at Cordros Capital Limited expected that the market might continue to benefit over the short-term especially in the face of lower yields in the fixed income market.

Market breadth closed positive, with 20 gainers versus 13 losers. Ekocorp recorded the highest price gain of 10 per cent, to close at N4.07, per share. Conoil followed with a gain 9.74 per cent to close at N16.90, while Learn Africa rose by 9.43 per cent to close at N1.16, per share.

Neimeth International Pharmaceuticals went up by 9.09 per cent to close at 48 kobo, while Academy Press appreciated by 8.82 per cent to close at 37 kobo, per share.

On the other hand, Associated Bus Company led the losers’ chart by 8.89 per cent, to close at 41 kobo, per share. United Capital followed with a decline of 5.22 per cent to close at N2.18, while AIICO Insurance lost 5.19 per cent to close at 73 kobo, per share.

Consolidated Hallmark Insurance lost 5.13 per cent to close at 37 kobo, while Livestock Feeds shed 3.85 per cent each to close at 50 kobo, per share.

The total volume traded rose by 29 per cent to 394.35 million shares, worth N6.54 billion, and traded in 4,405 deals. Transactions in the shares of UAC of Nigeria (UACN) topped the activity chart with 117.68 million shares valued at N826.98 million.

FBN Holdings followed with 47.84 million shares worth N323.88 million, while Access Bank traded 40.33 million shares valued at N391.77 million.

Zenith Bank traded 21.01 million shares valued at N390.72 million, while United Bank for Africa (UBA) transacted 20.20 million shares worth N144.51 million.