Stock Market Rebounds as Investors Gain N917 Billion

Investors on the Nigerian Exchange recorded a gain of N917 billion on Tuesday as the market rebounded into profitability and reversed its earlier bearish trend on a renewed bullish rally.

The rebound came after a three-day bearish trend.

The uptick was driven by gains in FTN Cocoa Processors, Zichis Agro Allied Industries, Skyway Aviation Handling Company, Caverton Offshore Support Group, JaPaul Gold and 22 other equities.

The market capitalisation rose by 0.57 per cent or N917 billion, increasing from N160.362 trillion to N161.279 trillion.

Similarly, the All-Share Index (ASI) gained 1,430.59 points or 0.57 per cent, rising from 250,204.83 to 251,635.42.

Consequently, the Year-to-Date (YtD) return strengthened to 61.71 per cent.

However, in spite of the positive performance, market breadth closed negative with 33 losers against 27 gainers.

Unilever Nigeria Plc led the losers’ chart with a decline of 10 per cent, closing at N153 per share.

Trans-Nationwide Express Plc followed with a loss of 9.92 per cent to close at N6.99, while Sovereign Trust Insurance Plc dipped by 9.81 per cent, settling at N2.39 per share.

Also, McNichols Plc shed 9.26 per cent to close at N7.25, while AustinLaz declined by 7.28 per cent, ending the session at N4.20 per share.

On the gainers’ chart, FTN Cocoa Processors Plc led with a gain of 10 per cent to close at N9.79 per share.

Zichis Agro-Allied Industries Ltd. followed with an increase of 9.97 per cent to settle at N29.13, while Skyway Aviation Handling Company Plc appreciated by 9.79 per cent to close at N156.95 per share.

Similarly, Caverton Offshore Support Group rose by 9.76 per cent to close at N6.75, while JaPaul Gold advanced by 9.73 per cent, settling at N3.72 per share.

Analysis of the market activity revealed an overall decline in market volume, value and deals as 703.95 million shares worth N32.15 billion were traded in 64,539 transactions.

This is in contrast with the previous day’s 800.46 million shares valued at N37.05 billion that were exchanged across 87,096 deals.

Access Holdings Plc recorded the highest trading volume with 88.41 million shares exchanged, representing 12.56 per cent of the day’s total volume traded.

Meanwhile, Zenith Bank Plc posted the highest value of traded stocks at N3.99 billion, accounting for 12.42 per cent of the market’s total traded value for the day.

(NAN)