Stock market rebounds as investors gain N88bn

Nigeria’s stock market on Monday rebounded from a one day (Monday) relapse as all sectors closed Tuesday in green save for the NSE’s Oil and Gas Index that fell 0.31 per cent.

The All-Share Index subsequently appreciated 0.68 per cent, to close the day at 37,503.73 points; and the market capitalisation re-crossed the N13 trillion mark with a gain of N88bn to settle at N13.061 trillion.

Volume traded spiked 22 per cent as investors in 4,089 deals traded 1.1 billion shares worth N4.8 billion in contrast with 942.7 million units of shares traded in 3,868 deals, worth N4.779bn on Monday.

Wapic Insurance maintained its topmost position from Monday to lead volume movers with the sale of 655.4 million shares worth N327.7 million.

Diamond Bank followed with the sale of 68.2 million shares worth N80.3m, Zenith Bank was next with the trade of 62.7 million units at N1.6bn, FBN Holdings exchanged 49.9 million units at N346.5bn shares and Tantaliser sold 43 million units valued at N21.5m.

Market breadth closed positive as Eterna led 24 Gainers as against 11 Losers topped by PZ at the end of Monday’s session.

Eterna appreciated 4.99 per cent to close at N4.21 per share. Nigerian Breweries followed, gaining 4.90 per cent to close at N137.60 per share while Nigerian Aviation Handling Company gained 4.89 per cent to close at N4.29 per share.

Nigeria Police force Microfinance Bank gained 4.80 per cent to close at N1.31 per share, while Caverton Offshore Support Group emerged the fifth topmost gainer with an appreciation of 4.80 per cent to close at N1.31 per share.

On the other hand, PZ topped the day’s equities losers with a decline of 4.82 per cent to close at N22.72, AIICO Insurance dropped 3.57 per cent to close at 54 kobo per share, while Mobil fell 3.22 per cent to close at N162.50 per share.

Sterling Bank also dropped 2 per cent to close at 98 kobo and UAC- Prop depreciated 1.88 per cent to close at N2.61 per share.

Adesola Afolabi