Stock market rebounds with N96bn gain

Investors on the Nigerian Exchange Limited gained N96bn at the close of trading on Wednesday, thus reversing the N68bn loss recorded in the previous trading session.

Appreciations in the share value of International Energy Insurance Plc, JohnHolt and Eunisell boosted the market capitalisation of the local bourse by N96bn to settle at N59.03tn. This is a 0.16 per cent appreciation.

Similarly, the benchmark index of the exchange, All Share Index rose by 0.16 per cent to 97,418.83 points.

Sectoral performance was largely positive: the banking, consumer goods, and industrial sectors saw increases of 1.38 per cent, 0.38 per cent, and 0.01 per cent, respectively, while the insurance sector declined by 0.58 per cent.

Market sentiments remained positive resulting in 30 stocks advancing, while 19 declined.

On the gainers’ chart, International Energy Insurance’s shares rose by 10 per cent to N1.32, JohnHolt gained 9.98 per cent to close at N6.39, Eunisell Interlinked rose by 9.88 per cent to N10.90, paper company, Thomas Wyatt’s shares appreciated by 9.71 per cent to close the day’s trading at N1.92 and UPL rose to N0.30 per unit after gaining 9.09 per cent.

The top spots of the losers’ chart were dominated by insurance firms with Regency Alliance Assurance Plc shedding 10 per cent of its share value to settle at N0.45, Daar Communication dipped by 7.46 per cent to N0.62, Sovereign Insurance lost 6.35 per cent to close at N0.59, Universal Insurance shares its shares shedding 5.88 per cent to close at N0.32 and NEM Insurance dipped by 5.88 per cent to N8 per unit.

Compared to Tuesday’s, trading activities were generally subdued, with deals, volumes, and values down by 17.52 per cent, 27.53 per cent, and 16.53 per cent, respectively.

Overall, 247.01 million shares were exchanged across 8,305 transactions, amounting to N7.51bn.

Financial services stock dominated the top trades chart with AccessCorp leading in volume, with 40 million shares worth N979.6m across 490 trades, followed by United Bank for Africa with 23,738,655 units valued at N761.21m. Fidelity Bank, United Capital and Guaranty Trust Holding Company Plc also recorded heightened interest in their shares.

Newly listed, Aradel led in a traded value chart with 3,321,734 units of its shares valued at N1.68bn exchanged in 810 deals.

Meanwhile, the market closed in the red zone on Tuesday due to depreciation in the shares of proprietary investment company (-10 per cent) VFD Group, Oando Plc (-9.42 per cent) and Dangote Sugar (-4.83 per cent) and others.