Stock Market Rebounds With N50bn Gain

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

The Nigerian Stock Exchange All-Share Index grew by 0.38 per cent as market breadth closed on a positive note with 22 gainers against 12 losers.

The ASI gained 96.06 basis points or 0.38 per cent to close at 25,520.97 as against the 25,424.91 recorded the previous day.

The market capitalisation of equities appreciated by N50bn or 0.38 per cent to close at N13.31tn from N13.26tn as market sentiment returned to the green zone.

Meanwhile, a turnover of 236.48 million shares exchanged in 3,251 deals was recorded in the day’s trading.

Premium sub-sector was the most active (measured by turnover volume), with 74.39 million shares exchanged by investors in 1,190 deals.

Volume in the sub-sector was largely driven by activities in the shares of FBN Holdings Plc and Zenith Bank Plc.

Banking sub-sector boosted by activities in the shares of Fidelity Bank Plc and Wema Bank Plc followed with a turnover of 72.26 million shares in 706 deals.

The number of gainers at the close of trading session was 22 while decliners closed at 12.

Eterna Oil Plc led the gainers’ table with a gain of 9.69 per cent to close at N2.49 per share while C&I Leasing Plc followed with a gain of 8.45 per cent to close at N3.85 per share. Wema Bank Plc added 7.84 per cent to close at 55 kobo per share.

On the other hand, ABC Transport Company Plc led the price losers’ table, dropping 7.69 per cent to close at 36 kobo per share.

Cornerstone Insurance Plc followed with 7.58 per cent to close at 61 kobo per share while CHI Plc trailed with a loss of 5.88 per cent to close at 32 kobo per share.