Nigerian stock market rebounds, gains N95bn

After three consecutive sessions of losses, the Nigerian stock market recovered by 0.17 per cent on Wednesday as investors improved interest in Tier-one banking stocks.

Gains in Guaranty Trust Holding Company (GTCO), Zenith Bank, and FBN Holding, amongst other advanced equities, were the primary drivers of the positive performance of the broader index.

Consequently, investors gained N95 billion or 0.17 per cent, as the Nigerian Exchange Ltd. (NGX) market capitalisation opened at N56.126 trillion and closed at N56.221 trillion.

The All-Share Index also rose by 0.17 per cent or 168 points to close at 99,385.44, compared to 99,217.60 on Tuesday.

As a result, the Year-To-Date (YTD) return rose to 32.91 per cent.

Market breadth also closed positive, with 35 gainers and 23 losers on the floor of the Exchange.

Meanwhile, FTN Cocoa Processors led 34 advanced equities on the gainers’ table by 10 per cent to close at N1.54 per share. In comparison, Secure Electronic Technology Plc also led 12 declined equities by 10 per cent to close at 54k per share.

Analysis of the market activity showed that trade turnover settled 33.15 per cent lower than the previous session.

A total of 276.36 million shares valued at N4.12 billion in 7,597 deals were traded, compared to 361.57 million shares worth N6.16 billion in 8,511 deals posted in the previous session.

Also, Access Corporation led the activity chart in volume and value with 45.34 million shares worth N859.40 million. (NAN)