Nigeria’s equity market rebounds by N29bn over investors’ interest in Union Bank, UBA

Employees work on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Tuesday, April 2, 2019. The International Monetary Fund said Nigerias economy was growing too slowly to reduce poverty or joblessness and urged the government to boost revenue and scrap its system of multiple exchange rates. Photographer: Ruth McDowell/Bloomberg via Getty Images
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By Olawunmi Ashafa
Lagos, Sept.8, 2022 Bullish sentiment returned to the Nigerian stock market on Thursday following investors’ interest in Union Bank and United Bank for Africa (UBA) as the first gain of the week.

Specifically, the market capitalisation rose by N29 billion or 0.11 per cent to close at N26.782 trillion from N26.753 trillion on Wednesday.

Also, the All-Share Index advanced by 52.52 points or 0.11 per cent to close at 49,652.25 against 49,644.92 achieved on Wednesday.

Accordingly, year-to-date return increased to 16.24 per cent.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are: Ardiva, Chams, and Etranzact.
Overall, the market was positive with 19 gainers relative to nine losers.

Etranzact drove the gainers’ chart in percentage terms by 9.81per cent to close at N2.91 per share.

Ardova followed with a gain of 8.94 per cent to close at N13.40, while Chams rose by 7.41per cent to close at 29k per share.

Union Bank and FTNCocoa went up by 7.14 per cent each to close at N6 and 30k, respectively.
On the other hand, Vitafoam led the losers’ chart in percentage terms by 9.96 per cent to close at N21.25 per share.

Multiverse Mining & Exploration followed with 9.92 per cent to close at N2.36 per share.
Champion Breweries shed 4.16 per cent to close at N3.69, while African Prudential Assurance lost 3.51 per cent each to close at N5.50 per share.
Honeywell Flour Mills fell by 2.77 per cent to close at N2.50 per share.

Also, the total volume traded rose by 2.5 per cent to 161.88 million units valued at N1.63 billion and exchanged in 3,541 deals.

Transactions in the shares of Transcorp topped the activity chart with 30.97 million shares valued at N34.45 million.

Fidelity Bank followed with 28.71 million shares worth N101.72 million, while Sterling Bank traded 19.82 million shares valued at N29.12 million.
First City Monument Bank (FCMB) traded 11.51 million shares valued at N37.95 million, while UBA transacted 9.4 million shares worth N67.84 million.