Stock Market rebounds by 1.04%, as investors gain N125bn

Nigeria’s stock market rebounded from a three-day relapse by 1.04 per cent on Wednesday, as the All- Share Index (ASI) reclaimed the 35,000 benchmark to close at 35,207.89 points.

The total value of all quoted companies measured as the market capitalisation also increased by N125 billion to close at N12.137 trillion, just as the average year-to-date return thus improved to 30.7 per cent.

The uptrend was driven by gains recorded in the industrial and oil and gas sectors that appreciated by 2.33 per cent and 1.53 per cent respectively following increases recorded in the share prices of Dangote Cement, Total, Oando and Forte Oil
May & Baker led the gainers’ table by 4.92 per cent, to close at N2.77 per share.

Continental Reinsurance followed with a gain of 4.90 per cent to close at N1.50, while 7up appreciated by 4.87 per cent to close at N90 per share. Linkage Assurance went up by 4.76 per cent to close at 66 kobo, while Oando gained 4.42 per cent to close at N5.90 per share.

On the negative side, NPF Microfinance Bank led the laggards’ table by 5.17 per cent to close at N1.10. Nascon Allied Industries trailed with a loss of 5 per cent, to close at N12.35, while Neimeth shed 4.69 percent to close at 61 kobo per share. Union Bank which opened its rights issue offer closed the day on a negative noted with a decline of 4.67 per cent to close at N5.72 while AXA Mansard shed by 4.52 per cent to close at N1.90 per share.

Total volume traded declined by 21 percent to 137.4 million shares valued at N1.13bn in 2,977 deals.

Meyer topped the activity chart with 20 million shares valued at N14m. Access Bank followed with 14.9 million shares worth N144.4m. Transcorp traded 12.1 million shares valued at N14.2bn. FCMB traded 11.8 million shares worth N12m;and Fidelity Bank transacted 7.1 million shares valued at N9.4m.

Meanwhile, Forte Oil Plc has notified the Nigerian Stock Exchange (NSE), investing public and its stakeholders that the Securities and Exchange Commission (SEC) has approved the Company’s proposed offering by way of Book Building.
The oil firm, in a statement published by the NSE, on Wednesday, however, noted that the equity offer has been placed on hold.

The statement, which reads in part, says: “Board of Forte Oil has taken a strategic decision to put the offering on hold pending the conclusion of an ongoing corporate restructuring with respect to maximizing the emerging opportunities in the Nigerian energy sector (Oil, Gas and Power), which will be to the ultimate benefit of all our stakeholders.”

Forte oil promised to keep investors and other stakeholders abreast of further decisions to be taken by its group’s board on the matter.

Afolabi Adesola