Equity Market Rebounds With N301bn Gain

The Nigerian equity market on Wednesday closed the market in the green as investors began to take a position on the undervalued stocks.

Key market indicators, the NSE ASI grew by 1.68 per cent as market breath closed positive with 38 gainers against eight losers.

Consequently, the All-Share Index gained 575.18 basis points or 1.68 per cent to close at 34,818.01 as against 34,242.83 recorded the previous day.

The market capitalisation of equities appreciated by N301bn or 1.68 per cent to close at N18.19tn from N17.89tn as market sentiment returned to the green zone.

Meanwhile, a turnover of 661.13 million shares exchanged in 7,324 deals was recorded in the day’s trading.

The premium sub-sector was the most active (measured by turnover volume); with 195.18 million shares exchanged by investors in 2,560 deals.

The volume in the sub-sector was largely driven by activities in the shares of Access Bank Plc and Zenith Bank Plc.

The banking sub-sector boosted by activities in the shares of GTBank Plc and Fidelity Bank Plc followed with a turnover of 148.02 million shares in 1,294 deals.

The number of gainers at the close of trading session was 38 while decliners closed at eight.

Linkage Assurance Plc and Sterling Bank Plc led the gainers’ table with a gain of 10 per cent each to close at 55 kobo and N2.09 per share, respectively.

Wapco Plc followed with a gain of 9.55 per cent to close at N24.10 per share while Honeywell Flour Mills Plc added 9.43 per cent to close at N1.16 per share.

On the other hand, Cornerstone Insurance Plc led the price losers’ table, dropping 8.62 per cent to close at 53 kobo per share.

Regency Alliance Insurance Plc followed with 8.33 per cent to close at 22 kobo per share while Mutual Benefits Assurance Plc and Union Dicon Plc trailed with a loss of 7.14 per cent each to close at 26 kobo per share apiece.