Stocks market rebounds, gains N83.51bn

By Temitope Adebayo

Equities market of the Nigerian Exchange Limited (NGX) on Thursday rebounded from the previous sessions negative outings, as the market capitalization gained N83.51billion to close at N28.73trillion as against N28.66trillion recorded on Wednesday’s trading session.

The domestic equities bounced back yesterday from losses earlier in the week, as the benchmark All-Share Index (ASI), also, increased by 0.29 per cent to close at 52,752.96 points, the highest level since 14 June 2022.

On market movers, gains in Tier-1 banking names, ZENITHBANK (+0.82%), STANBIC (+1.54%) and ACCESSCORP (+4.44%) buoyed the broader index.

Consequently, the gain puts the index on track for its third consecutive weekly gain since the week ended 13 January.

The year-to-date (YTD) return rose to 2.93 per cent, while analysis of yesterday’s market activities showed that trade turnover settled lower relative to the previous session, with the value of transactions down by 24.84 per cent.

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Also, a total of 139.68m shares valued at N2.02billion were exchanged in 3,549 deals. GTCO (+0.00%) led the volume and value charts with 17.79m units traded in deals worth N433.18million.

Market breadth closed positive at a 4.40-to-1 ratio with advancing issues outnumbering declining ones. GEREGU (+0.00%) topped twenty-one (21) others on the gainer’s table, while COURTVILLE (-7.84%) led four (4) others on the laggard’s log.