Equity market rebounds, indices gain by 0.09%

The Nigerian bourse rebounded on Friday with market capitalisation gaining N24 billion or 0.09 per cent to close at N25.909 trillion in contrast with N25.885 trillion posted on Thursday.

Similarly, the All Share Index grew by 44.66 points or 0.09 per cent to 47, 569.04, compared with 47,524.38 achieved on Thursday.

The upturn was impacted by gains recorded in large capitalised stocks, amongst which are: MTN Nigeria, Airtel Africa and Seplat.

Analysts at Vetiva Securities Ltd. said, “Another positive outing today, this time with improvement in market sentiment. While we still expect cautious trading sessions next week, we are likely to see more cherry-picking action across board.”

Market breadth closed positive as 14 stocks appreciated while eight declined.

Honeywell Flour Mill led the gainer’s table with 9.86 per cent to close at N2.34 per share.

WAPIC Insurance followed with a gain of 9.38 per cent to close at 35k, while Sovereign Trust Insurance grew by 7.69 per cent to close at 28k per share.

Livestock Feeds advanced by 6.39 per cent to close at N1.17 per share. Guaranty Trust Holding Company (GTCO) gained by 5.60 per cent to close at N17.90 per share.

On the other hand, Academy Press led the laggard’s table, depreciating by 9.66 per cent to close at N2.34 per share.

Chams followed with a loss of 7.14 per cent to close at 26k, while Red Star Express declined by 6.09 per cent to close at N2.16.

Also, Nigerian Breweries depreciated by 4.03 per cent to close at N46.45 per share. FTN Cocoa Processors fell by 3.51 per cent to close at 27k.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 104 per cent.

A total of 123.43 million shares valued at N4.27 billion were exchanged in 3,101 deals.