Equities Market Rebounds, Gain N187.26bn

The equities market of the Nigerian Exchange Limited (NGX) Tuesday rebounded from the first trading day losses, as the market capitalization gained N187.26billion to close at N36.93trillion, compared to N36.74trillion posted on Monday.

Also, the All-Share Index (ASI) closed stronger by paring previous session losses, as the benchmark Index surged 0.51 per cent to close at 67,217.77 points, as against 66,876.92 points recorded.

Looking at the factors responsible for the NGX recovery, available data showed the local bourse bounced back, due to renewed investor interests in telco heavyweight, MTNN (+0.20%), alongside Tier-1 banks, ZENITHBANK (+0.90%) and GTCO (+2.27%), which pushed the broader index into positive terrain.

As a result, the year-to-date (YTD) return rose to 31.15 per cent.

Analysis of yesterday’s market activities, also, showed trade turnover settled higher relative to the previous session, with the value of transactions up by 44.26 per cent.

A total of 319.90m shares valued at N6.33billion were exchanged in 6,272 deals. ACCESSCORP (+0.00%) led the volume chart with 50.78million units traded, while GTCO (+2.27%) led the value chart in deals worth N1.50billion.

Market breadth closed positive at a 2.25-to-1 ratio with advancing issues outnumbering declining ones. FLOURMILL (+9.93%) topped 17 others on the leader’s table, while VFDGROUP (-9.98%) led seven others on the laggard’s table.