Market rebounds as index appreciate by 0.2 per cent

FOLLOWING investors’ renewed appetite in the shares of some bellwethers, the Nigerian equity market rebounded at the end of yesterday’s trading session, causing the Allshare index (ASI) to rise by 0.2 per cent.

Specifically, at the close of transactions, ASI gained 216.12 absolute points, representing a growth of 0.67 per cent, to close at 32,406.17 points. Similarly, market capitalisation grew by N81 billion, to close at N12.085 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Presco, Zenith Bank, Guaranty Trust Bank, Dangote Sugar, and Custodian Investment.

Analysts at Afrinvest Limited said: “Despite yesterday’s rebound in market performance, we advise investors to trade cautiously, as we expect sell pressures to return to the market by close of the week, eve of the rescheduled presidential elections.”

Market breadth closed positive, recorded 16 gainers against 14 losers. Japaul Oil & Maritime Services, and Sovereign Trust Insurance recorded the highest price gain of 9.52 per cent each, to close at 23 kobo, respectively, Associated Bus Company followed with a gain of 9.09 per cent to close at 48 kobo per share.

Custodian Investment appreciated by 8.26 per cent to close at N6.55, while Academy Press rose 8.11 per cent to close at 40 kobo, per share.

On the other hand, First Aluminium led the losers’ chart with 10 per cent to close at 27 kobo per share. Transnational Corporation of Nigeria (Transcorp) followed with a decline of 9.74 per cent to close at N1.39, while Wema Bank lost 9.68 per cent to close at 84 kobo, per share.

Unity Bank shed 9.65 per cent to close at N1.03, while Union Diagnostic & Clinical Services depreciated by 6.90 per cent to close at 27 kobo, per share. Total volume of trade rose 55.01 per cent to 361.82 million units, valued at N4.16 billion, exchanged in 4,623 deals.

Transactions in the shares of Transcorp topped the activity chart with 120.22 million shares valued at N168.21 million. Zenith Bank followed with 37.34 million shares worth N925.54 million, while FBN Holdings traded 31.18 million shares valued at N250.64 million.

Diamond Bank traded 20.88 million shares valued at N49.31 million, while Guaranty Trust Bank transacted 20.87 million shares worth N778.03 million.