Nigeria’s stock market rebounds after six successive losses

Sovereign Trust Insurance led the activity chart in volume with 2.50 billion shares, while UBA led in value, with deals worth N6.74 billion.

The stock market on Tuesday recorded 0.22 per cent or N131 billion gain after six successive sessions of losses.

Specifically, the market capitalisation, which opened at N58.721 trillion, added N131 billion or 0.22 per cent to close at N58.852 trillion.

The All-Share Index also went up by 0.22 per cent or 216 points, to close at 97,123.61 points, against 96,907.73 reported on Monday.

As a result, the Year-To-Date (YTD) return increased to 29.89 per cent.

Investors renewed interest in Tier-one banking stocks, namely, Zenith Bank, FBN Holdings, United Bank For Africa (UBA), Access Corporation, Fidelity Bank, among other advanced equities, pushed the market performance up.

Also, market breadth closed positive with 26 gainers and 21 losers.

Conoil led the gainers’ table with N18.80 to close at N208.10, JohnHolt followed with 36k to close at N3.99, while Eunisell Ltd. gained 61k to close at N6.79 per share.

UBA rose by N3.15 to close at N35.05 and PZ advanced by N1.95 to close at N24.95 per share.

On the losers’ side, Oando led by N8.05 to close at N72.65, Daar Communications trailed by 6k to close at 56k per share.

Regency Alliance Insurance lost 3k to close at 43k, Veritas Kapital decreased by 8k to close at N1.20 and Guinea Insurance shed 2k to close at 44k per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions advancing by 79.64 per cent.

A total of 3.60 billion shares valued at N25.57 billion were exchanged in 10,679 deals, compared with 1.22 billion shares valued at N14.23 billion traded in 10,386 deals posted in the previous session.

Meanwhile, Sovereign Trust Insurance led the activity chart in volume with 2.50 billion shares, while UBA led in value, with deals worth N6.74 billion.

(NAN)