Equities Investors Gain N3.16trn As Nigerian Stocks Rebound

Equities Investors Gain N3.16trn as Nigerian Stocks Rebound

Equities investors gained about N3.16 trillion on Friday in the Nigerian stock market as renewed bargain hunting in sectoral names boosted performance and reduced the weekly loss.

Stockbrokers said the market rebound was driven by bargain hunting in mid-cap and blue-chip stocks. Top performers today included heavyweight stocks such as AIRTELAFRI, ZENITHBANK, MTNN, WAPCO, and GTCO across all key market sectors.

Therefore, the market index (All-Share Index) added 4,918.37 basis points in today’s trading session, reflecting a 2.19% increase to close at 229,240.34.  Market capitalisation surged by ₦3,156.11 billion, representing a 2.19% increase, settling at ₦147.10 trillion.

Total volume and total value of all transactions in the market declined by 46.82% and 2.86%, respectively. Stockbrokers said that approximately 454.92 million units, valued at ₦27,608.82 million, were transacted in 48,214 deals.

ZENITHBANK accounted for 10.96% of all transaction volume, followed by TIP (10.86%), CHAMS (6.25%), UBA (6.13%), and GTCO (5.76%). By value traded, ZENITHBANK accounted for 18.71% of the total value of all trades executed, making it the most actively traded on the exchange.

TIP, DAARCOMM and 3 others, topping the gainers chart, up +10.00% each, trailed by TANTALIZER (+9.97%), OANDO (+9.96%), RTBRISCOE (+9.73%), CORNERST (+8.41%), FCMB (+8.29%), and twenty-nine others.

A total of fourteen stocks depreciated. With a price depreciation of -9.96%, INTENEGINS topped the worst performers’ chart, followed by MEYER (-9.95%), FTGINSURE (-9.80%), SOVRENINS (-5.34%), VERITASKAP (-5.07%), and CMFC (-4.49%).

Hence, market breadth closed on a positive note, with 39 gainers and 14 losers. Sectoral performance was positive today, with all five major market sectors rising.

The Banking sector led by +2.78%, followed by the Insurance sector (+1.26%), the Oil & Gas sector (+0.36%), the Consumer goods sector (+0.06%), and the Industrial goods sector (+0.05%).

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