Stock Market Rebounds, Gains N313.39bn on Demand for MTN, Zenith Bank

Recovering from the previous day investor’s profit-taking , the domestic stock market of the Nigerian Exchange Limited (NGX) appreciated by N313.39billion in market capitalisation following investors’ demand for MTN Nigeria Communication Plc, BUA Cement Plc and Zenith Bank Plc.

As MTN Nigeria appreciated by 0.35per cent, BUA Cement increased by 0.54 per cent and Zenith Bank rose by 1.99per cent, the market capitalisation increased to N trillion yesterday, gaining N313.39bllion from N trillion the stock market opened for trading.

This also impacted on the NGX All-Share Index that gained 0.7 per cent or 572.70basis points to 82,597.08 basis points from 82,024.38 basis points.

Thus, NGX All-Share Index Year-to-Date return to 10.5per cent.

Sectoral performance was broadly positive as the NGX Banking Index gained 2.7per cent, NGX Insurance Index appreciated by 0.5per cent, NGX Consumer Goods Index increased by 0.4per cent, while NGX Oil & Gas and NGX Industrial Goods added 0.4 per cent and 0.2 per cent respectively.

As measured by market breadth, market sentiment was positive, as 48 stocks gained relative to 22 losses. Guinea Insurance and Royal Exchange emerged the highest price gainer of 9.66 per cent to close at N1.59, per share. SCOA Nigeria followed with a gain of 10 per cent each to close at 44 kobo and 99 kobo respectively, while Julius Berger advanced by 9.92 per cent to close at N56.50, per share.

Cadbury Nigeria rose by 9.77 per cent to close at N21.90, while The Initiates Plc (TIP) appreciated by 9.74 per cent to close at N1.69, per share. On the other side, Abbey Mortgage Bank and Ikeja Hotel led others on the losers’ chart with 9.90 per cent each to close at N2.73 and N7.83 respectively, while Caverton Offshore Support Group followed with a decline of 9.66 per cent to close at N1.87 30 kobo, per share.

DAAR Communications lost 9.38 per cent to close at 87 kobo, while NPF Microfinance Bank depreciated by 7.91 per cent to close at N1.98, per share.

The total volume traded declined by 46.6 per cent to 877.28 million units, valued at N14.41 billion, and exchanged in 14,919 deals. Transactions in the shares of Transnational Corporation (Transcorp) led the activity with 74.535 million shares worth N935.421 million. Sterling Financial Holdings Company followed with account of 54.324 million shares valued at N341.577 million, while Access Holdings traded 54.115 million shares valued at N1.505 billion.