The Nigerian stock market staged a strong rebound on Thursday as renewed buying interest in major companies pushed total market capitalisation up by N305.56 billion. Market capitalisation rose from N154.14 trillion recorded at the close of trading on Wednesday to N154.44 trillion, signalling a return of bullish sentiment on the Nigerian Exchange Limited (NGX).
The NGX All-Share Index (ASI) also advanced by 473.17 points, moving from 238,682.92 points to 239,156.09 points. The 0.2 per cent increase brought the benchmark index closer to the psychologically important 240,000-point mark, although market breadth remained tilted towards decliners, with 39 equities recording losses compared with 20 gainers.
Among the top performers, Omatek Ventures Plc led the gainers’ chart, rising 9.6 per cent to close at N1.37. Cornerstone Insurance Plc followed with a 9.18 per cent gain to N5.35, while Mansard Insurance Plc advanced 9.09 per cent to N12. Abbey Mortgage Bank gained 6.25 per cent to close at N8.50, while First HoldCo Plc climbed 4.65 per cent to N135. Access Corporation also strengthened by 4.36 per cent to N28.75, with UBA gaining 3.74 per cent to N45.80.
However, the session was not positive for all investors. Fidson Healthcare Plc emerged as the biggest loser, falling 9.98 per cent to N75.80. Daar Communications Plc declined 8.61 per cent to N1.38, while Legend Internet Technologies Plc dropped 8.43 per cent to N3.80. Ikeja Hotel Plc and Zichis Industries Plc also recorded losses of 7.86 per cent and 7.35 per cent respectively, while NEM Insurance shed 7.19 per cent to close at N29.70.
The banking sector remained a major force behind the Nigerian stock market rebound, with the NGX Banking Index rising 1.58 per cent from 2,447.97 points to 2,486.66 points. Gains in First HoldCo, Access Corporation, UBA and Zenith Bank helped lift the sector, while the NGX Pension, Sovereign Bond and Insurance indices also closed higher. The Consumer Goods and Oil/Gas indices, however, ended lower, highlighting the mixed performance across sectors as investors positioned for further market direction.
source: The guardian
