Equities Market Rebounds, up 0.24% as Investors Gain N132.01bn

The Nigerian stocks market yesterday, staged a rebound, recouping most of its prior session losses as the benchmark index ended 0.24 per cent stronger, while equities investors gained N132.01 billion.

Specifically, the All Share Index (ASI) appreciated by 0.24 per cent to settle at 99,284.38. Also, the market capitalization gained N132.01 billion to close at N56.16 trillion.

Data from the Nigerian Exchange Limited (NGX), showed that gains in ZENITHBANK, FBNH and STANBIC were the primary drivers of the broader index’s recovery, outweighing losses in United Bank for Africa (UBA) and TRANSCORP.

As a result, the ASI year-to-date (YTD) return rose to 32.78 per cent, while analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 36.49 per cent.

Consequently, a total of 308.14 million shares valued at N4.86 billion were exchanged in 7,690 deals. FIDELITYBK led the volume and value chart with 84.05 million units traded in deals worth N883.22 million.

Market breadth closed negative at a 0.78-to-1 ratio with declining issues outnumbering the advancing ones. OANDO topped 22 others on the laggard’s table while ETERNA led 17 others on the leader’s log.