Nigerian Stock Exchange’s index rebounds by 0.6 per cent

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The Nigerian Stock Exchange rebounded yesterday, as most bluechip stocks appreciated in price, causing the All-Share Index (ASI) to inch up by 0.6 per cent.

Precisely, at the close of transactions yesterday, ASI, which measures the performance of listed equities, gained 255.31 points, representing a growth of 0.63 per cent to close at 40,788.68 points from 40, 533.32 points, at which it closed on Monday.

Also, the market capitalisation of listed equities appreciated by N93 billion, from N14.641 trillion to close at N14.734 trillion.

The bullish performance can be attributed to gains in Nestle, Beta Glass, Glaxosmith, Julius Berger and Wapco.

Analysts at Cordros Capital Limited said: “We maintain a positive outlook for the equities market in the medium to long term, amidst relatively lower prices of valued stocks, which make room for bargain hunting.”

Similarly, market breadth closed positive, recording 33 gainers against 18 losers, as Unity Bank recorded the highest price gain with 9.48 per cent, to close at N1.27 per share.

Oando followed with a gain of 9.27 per cent to close at N8.25 per share, trailed by Skye Bank, with a gain of 9.09 per cent to close at 96 kobo per share and GlaxosmithKline appreciated by 8.45 per cent to close at N34, while Julius Berger went up by 8.13 per cent to close at N25.95 per share.

However, C&I Leasing led the losers’ chart by five per cent, to close at N1.33 per share, followed by Fidson Healthcare, with five per cent to close at N5.51, while AG Leventis depreciated by 4.84 per cent to close at 59 kobo per share.

Sterling Bank lost 4.71 per cent to close at N1.62, while Wema Bank dropped by 4.35 per cent to close at 88 kobo per share.

Total volume of trades surged 732.41 per cent to 1.602 billion units, highest since February 8, 2018, while total turnover recorded a 248.88 per cent upturn to N10.91 billion, highest since March 9, 2018.

These followed major transactions on the bourse, as 320 million units of UBA at N11, and 834 million units of FCMB at N2.47 were exchanged. Total deals stood at 4,729 deals.

Transactions in the shares of FCMB Groups topped the activity chart with 952.58 million shares valued at N2.35 billion.

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