Equity market rebounds with N272bn gain


The nation’s bourse rebounded on Monday with market capitalisation gaining N272 billion or 0.95 per cent to close at N28.953 trillion as against N28.681 trillion recorded on Friday.

Also, the All-Share index (ASI) gained 499.95 points or 0.95 per cent to settle at 53,157.83 as against 52,657.88 recorded on Friday.

The positive performance was driven by stocks of Zenith Bank, Airtel Africa and Wapco.

As a result, the year-to-date (YTD) return declined to 3.72 per cent.

Market breadth closed positive as 28 stocks advanced, while 15 others declined.

A breakdown of price movement showed that John Holt and Geregu Power topped the gainers’ table with a gain of 10 per cent each to close N1.21 and N176 per share, respectively.

Nigerian Aviation Handling Company trailed with a gain of 9.62 per cent to close at N8.55, while International Energy Insurance rose by 9.52 per cent to close at 69k per share.

Mayer& Baker Nigeria was up by 8.26 per cent to close at N4.85 per share.

Conversely, Wapic Assurance led the losers’ table, dropping by 8.89 per cent to close at 41k per share.

Tripple Gee followed with a loss of 8.57 per cent to close at 96k per share.

Royal Exchange dcreased by 7.14 per cent to close at 78k, while Honeywell Flour Mills fell by 6.44 per cent to close at N2.18 per share.

UPDC dropped by 5.94 per cent to close at 95k per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 141.78 per cent.

A total of 201.36 million shares valued at N5.67 billion were exchanged in 4,332 deals. (NAN)

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