Stock market rebounds by N184 billion
The stock market rebounded on Wednesday as market capitalisation gained N184 billion or 0.71 per cent to close N25.959 trillion compared with N25.775 trillion on Tuesday.
Also, the All-Share Index (ASI) rose by 337.07 points or 0.71 per cent to stand at 47,660.04 from 47,322.97 posted at the previous session.
The primary drivers of the recovery were gains in stocks of Zenith Bank, Guaranty Trust Holding Company and MTN Nigeria.
As a result, the year-to-date (YTD) return rose to 11.57 per cent.
Market breadth closed positive as 18 stocks were on the gainer’s table while four on the losers’ table.
Wema Bank led the gainers’ table with 10 per cent to close at N3.30 per share.
UAC of Nigeria followed with a gain of 9.95 per cent to close at N10.50, while Academy Press grew by 9.45 per cent to close at N1. 39 per share.
United Capital advanced by 8.10 per cent to close at N13.35 per share. ABC Transport gained by eight per cent to close at 27k per share.
On the other hand, Royal Exchange Assurance led the laggard’s table, depreciating by 10 per cent to close at 63k per share.
Red Star Express followed with a loss of 79.25 per cent to close at N2.06, while Prestige Assurance declined by 8.51 per cent to close at 43k.
Also, Nigerian Breweries depreciated by 7.08 per cent to close at N42 per share. RTBriscoe fell by 6.90 per cent to close at 27k per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 19.97 per cent.
A total of 107.02 million shares valued at N1.32 billion were exchanged in 3,227 deals.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Anambra approves three-month tax waiver for residents, businesses
Mr Mefor also urged other registered taxpayers with additional income, assets or liabilities to disclose them.
States
Don’t sell your PVCs, Gov. Adeleke urges Osun residents ahead of August 15 governorship poll
The governor said reports from across local government areas indicated that some agents were inducing residents with money to part with their PVCs.
NationWide
FG’s reforms repositioning Nigeria for economic growth: Minister
Mr Idris said fuel subsidy removal and the unification of the foreign exchange have restored confidence in Nigeria’s economic direction.
NationWide
Tinubu declines assent to RMRDC, CIPSM bills over legal concerns
The president said that, subject to resolving the grey areas, the bill might be suitable for retransmission and assent after the necessary legislative amendments.
NationWide
Access Bank, partners expand access to education for 14,000 vulnerable children
“Investment in education creates lasting and intergenerational impact for communities,” Mr Ogbonna said.
States
UITH resident doctors begin five-day warning strike over attack on member
Mr Oladepo said that a female senior registrar in the pediatrics department was assaulted on Wednesday after treating a two-year-old baby, who later died.
