Stock market rebounds by 1.07% amid buying interests

The stock market gained N281 billion or 1.07 per cent on Friday as market capitalisation closed at N26.624 trillion from N246.343 trillion recorded on Thursday at the Nigerian Exchange Ltd.

All-Share Index (ASI) increased by 561.79 basis points or 1.07 per cent on Friday to close at 48,881.93 as against 48,356.14 posted on Thursday.

Consequently, the Year-to-Date return rose to 14.43 per cent.

BUA Cement and Zenith Bank stocks were the drivers of the market’s positive performance.

A breakdown of price movement showed that Prestige Insurance topped the gainers’ table with a gain of 9.52 per cent to close at 46k per share.

BUA Cement trailed with a gain of 9.17 per cent to close at N91.70, while Thomas Wyatt Nigeria rose by 9.09 per cent to close at 48k per share.

WAPIC Assurance was up by 8.82 per cent to close at 37k, while PharmaDeko appreciated by 8.11 per cent to close at N2 per share.

Conversely, Unity Bank led the losers’ table, dropping by 9.26 per cent to close at 49k per share.

SCOA Nigeria followed with a loss of 9.2 per cent to close at 79k per share, while JapaulGold and Venture declined by 6.9 per cent to close at 27k per share.

Livestock decreased by 4.31 per cent to close at N1.11, while Chams fell by 4.17 per cent to close at 23k per share.

Market activities showed trade turnover settled lower relative to the previous session, with the value of transactions decreasing by 61.63 per cent.

A total of 100.82 million shares valued at N1.14 billion were exchanged in 2,440 deals.