Nigeria’s stock market rebounds on Dangote Cement, MTN gains
Trading returned to positive territory on Thursday, with the key indices rebounding by 1.75 per cent amid gains by some highly capitalised stocks.
Consequently, the All-Share Index chalked up 679.72 points or 1.75 per cent to close at 39,461.20 from 38,781.48 recorded on Wednesday.
Similarly, the market capitalisation inched higher by N355 billion in six hours to close at N20.651 trillion against N20.296 trillion.
The uptrend was also driven by price appreciation in medium and large capitalised stocks, including Dangote Cement, MTN Nigeria Communication, Okomu Oil, Julius Berger, and Ekocorp.
Market breadth closed positive with 24 stocks gainers in contrast with 18 losers.
Fidson Healthcare and Julius Berger led the gainers’ table in percentage terms with10 per cent each to close at N5.28 and N20.90 per share, respectively.
Ekocorp followed with 9.26 per cent to close at N5.90 per share.
Consolidated Hallmark Insurance rose by 9.09 per cent to close at 36k, while Royal Exchange appreciated by 8.89 per cent to close at 49k per share.
Conversely, Computer Warehouse Group led the losers’ chart in percentage terms with 9.84 per cent to close at N2.29 per share.
Mutual Benefits Assurance followed with 7.50 per cent to close at 37k, while FBN Holdings shed 6.76 per cent to close at N6.90 per share.
Wapic Insurance dropped 3.85 per cent to close at 50k, while Honeywell Flour depreciated by 3.76 per cent to close at N1.28 per share.
Also, the volume of shares traded increased by 4.3 per cent as investors bought and sold 270.68 million shares valued N2.03 billion in 3,897 deals.
This was in contrast with 259.52 million shares worth N1.92 billion shares achieved in 3,548 deals on Wednesday.
Transactions in the shares of FBN Holdings topped the activity chart with 51.52 million shares valued N359.83 million.
Transcorp followed with 42.47 million shares worth N40.02 million, while Ekocorp traded 20 million shares valued N118.003 million.
Sovereign Trust Insurance sold 18.01 million shares valued N4.20 million, while Access Bank transacted 16.69 million shares worth 122.15 million.
(NAN)
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