Local equities rebound on resumed bargain hunting activities, as overall performance measures, NSE ASI and market capitalisation, grew by 0.18 per cent each, halting six days losing band.

The Nigerian stock market had tumbled for the sixth day, as investors were caught completely off guard following the surprise election of Donald Trump as American president.

The bullish activities were driven by consumer goods and financial services stocks, which were highly sought after. At the close of business, 14 stocks appreciated while 19 declined.

Consequently, the All- Share Index gained 48.06 basis points or 0.16 per cent to close at 26,221.75 basis points as against 26.173.69 recorded the previous day, while the market capitalisation of equities appreciated by N16 billion or 0.18 per cent to close at N9.026 trillion from N9.010 trillion.

Meanwhile, a turnover of 137.6 million shares exchanged in 3,283 deals was recorded in the day’s trading.

Banking subsector of the financial services sector was the most active (measured by turnover volume) with 72.09 million shares exchanged by investors in 1,693 deals. Volume in the subsector was largely driven by activities in the shares of Sterling Bank Plc and GTB Plc.

Premium subsector boosted by activities in the shares of FBNH Plc and Zenith Bank Plc followed with a turnover of 16.5 million shares in 370 deals.

Further analysis of the day’s trading showed that Airline Services Plc topped the day’s gainers’ table with 4.69 per cent to close at N2.90 per share, while GTB Plc trailed with 4.65 per cent to close at N21.61 per share.

Vitafoam Plc added 4.60 per cent to close at N2.50 per share.

On the flip side, Cadbury Nigeria Plc led the losers with a drop of 9.65 per cent to close at N11.70 per share, while Forte Oil Plc shed 8.50 per cent to close at N104.05 per share. Total Nigeria Plc plunged by 8.19 per cent to close at N290.00 per share.

Source: NEW TELEGRAPH