Equity market rebounds with N272bn gain

Equity market rebounds with N272bn gain

By Olawunmi  Ashafa, Lagos.


The nation’s bourse rebounded on Monday with market capitalisation gaining N272 billion, or 0.95 per cent, to close at N28.953 trillion, as against N28.681 trillion recorded on Friday.


Also, the All-Share index (ASI) gained 499.95 points, or 0.95 per cent, to settle at 53,157.83 as against 52,657.88 recorded on Friday.


The positive performance was driven by stocks of Zenith Bank, Airtel Africa  and Wapco.


As a result, the year-to-date (YTD) return declined to 3.72 per cent.


Market breadth closed positive, as 28 stocks advanced, while 15 others declined.


A breakdown of price movement showed that John Holt and Geregu Power topped the gainers’ table, with a gain of 10 per cent each, to close N1.21 and N176 per share respectively.


Nigerian Aviation Handling Company trailed with a gain of 9.62 per cent to close at N8.55, while International Energy Insurance rose by 9.52 per cent to close at 69 kobo per share.


Mayer & Baker Nigeria was up by 8.26 per cent to close at N4.85 per share.


Conversely, Wapic Assurance led the losers’ table, dropping by 8.89 per cent, to close at 41 kobo per share.


Tripple Gee followed with a loss of 8.57 per cent, to close at 96 kobo per share.

Royal Exchange decreased by 7.14 per cent, to close at 78 kobo, while  Honeywell Flour Mills fell by 6.44 per cent, to close at N2.18 per share.


UPDC dropped by 5.94 per cent to close at 95 kobo per share.


Analysis of the market activities showed that trade turnover settled higher, relative to the previous session, with the value of transactions up by 141.78 per cent.


A total of 201.36 million shares, valued at N5.67 billion, were exchanged in 4,332 deals.

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