Home Markets Stock market rebounds, gains N13bn

Stock market rebounds, gains N13bn


Trading activities on the floor of the Nigerian Stock Exchange (NSE) on Thursday closed positively as the All Share Index (ASI) rose by 0.11 percent to close at 32,417.82 points, up from Wednesday’s 32,382.58 points.

By implication, the market capitalisation increased by 0.11 percent to close at N11.835 trillion as against the previous day’s value of N11.822 trillion, representing N13 billion gain by investors.

At the close of trading for the day, both volume and value of traded stocks grew by 10.37 percent and 47.70 percent closing at 148.53 million units and N2.86 billion respectively.

However, the market breadth closed positive as 15 stocks gained against 17 stocks that declined in share price.

In spite of the bullish outlook for the day, 15 stocks gained while 17 stocks recorded losses, bringing the market breadth to a negative round off.

As a result, Niger Insurance led other price percentage gainers, gaining 10 percent to close at N0.33 from the previous close of N0.30 per share. Prestige Assurance and Flour Mills grew 8.33 percent and 7.60 percent ahead other stocks on the gainers’ chart.

Initiate Plc tops the losers’ chart, shedding 9.68 percent of its share price to close at N0.56 from N0.62 per share. Continental Reinsurance MCNICHOLS shed 9.40 percent and 9.23 percent respectively among others on the losers’ chart.

Guaranty Trust Bank traded about 48.72 million units of its shares in 237 deals, valued at about N1.78 billion.