Home Business Markets Equities market rebounds by 1.70% over interest in high dividend stocks

Equities market rebounds by 1.70% over interest in high dividend stocks

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The Nigerian Stock Exchange (NSE) equities market segment on Tuesday rebounded by 1.70 per cent on renewed investors’ interest in high yield dividend stocks.

The NSE All-Share Index, which opened at 25,816.57 basis points, inched 438.54 points or 1.70 per cent to close at 26,255.11 basis points.

Consequently, the Month-to-Date return (+0.15per cent) turned positive, while Year-to-Date losses moderated to -2.19 per cent.

Also, the market capitalisation rose by N232 billion to close at N13.681 trillion compared with N13.449 trillion posted on Monday.

The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion attributed the rise to low price attraction and buying interest in high yield dividend stocks.

Omordion said that the global markets rebounded, noting that the liquidity in the nation’s bourse still remained low.

However, analysts at Cordros said the equities market bucked its downward trend following investors’ interests in banking stocks.

Nestle led the gainers’ table during the day, appreciating by N63 to close at N1,080 per share.

MTN Nigeria followed with a gain of N5 to close at N115, while Guaranty Trust Bank garnered N1.80 to close at N24.50 per share.

Zenith Bank added N1.55 to close at N19.60, while Access Bank gained 75k to close at N8.45 per share.

Conversely, Okomu Oil Palm Plc topped the losers’ chart, dropping by N6.60 to close at N81.40 per share.

BUA Cement trailed with a loss of N2.75 to close at N34.40, while Dangote Sugar Refinery was down by N1.20 to close at N10.90 per share.

Mansard Insurance lost 15k to close at N1.53, while Neimeth Pharmaceutical dropped by 4k to close at 42k per share. The banking stocks dominated the activity chart with Guaranty Trust Bank emerging the most active, exchanging 83.12 million shares valued at N2.01 billion.

Zenith Bank followed with an account of 54.55 million worth N1.05 billion, while United Bank for Africa sold 37.82 million shares valued at N261.37 million.

FBN Holdings accounted for 32.19 million shares worth N163.43 million, while Access Bank traded 31.06 million shares valued at N256.18 million.

In all investors exchanged 387.89 million shares worth N5.08 billion in 4,901 deals. This was against 325.261 million shares valued at N6.03 billion transacted in 5,054 deals on Monday.

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