Stock market rebounds, gains N66bn

Lagos, Aug. 20, 2024 (NAN) The Nigerian equity market, on Tuesday, recovered from the previous session’s decline, recording a N66 billion gain.

Investor interest in leading stocks such as Seplat, Oando, and StanbicIBTC contributed to the market’s upward trajectory.

Notably, the market capitalisation, which opened at N54.382 trillion, added N66 billion or 0.12 per cent to close at N54.448 trillion.

The All-Share Index also rose by 0.12 per cent or 114.24 to settle at 95,895.92, in contrast to 95,781.68 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 28.25 per cent.

However, market breadth closed negative with 24 losers and 19 gainers.

On the losers’ chart, Thomas Wyatt led by 9.71 per cent to close at N1.58, Omatek trailed by 6.85 per cent to close at 68k per share.

FTN Cocoa Processors lost 6.80 per cent to close at N1.92, Neimeth International Pharmaceuticals went down by five per cent to close at N1.90, while The Initiates Plc declined by 4.44 per cent to close at N2.15 per share.

On the other side, Learn Africa led by 9.94 per cent to close at N3.87, Oando Plc followed by 9.90 per cent to close at N43.30 per share.

Cutix Plc gained 9.85 per cent to close at N2.90, RT Briscoe advanced by 9.63 per cent to close at N2.05, and UPL added 8.57 per cent to close at N2.66 per share.

Analysis of the market activities showed trade turnover settled higher than the previous session, with the value of transactions up by 0.50 per cent.

A total of 1.01 billion shares valued at N7.69 billion were exchanged in 8,295 deals, against 3.55 billion shares valued at N7.65 billion traded in 9,291 deals posted in the previous session.

Meanwhile, Jaiz Bank led the activity chart in volume and value with 651.29 million shares worth N1.50 billion, followed by Sterling Nigeria with 53.94 million shares valued at N218.41 million.

International Breweries traded 28.41 million shares worth N128 million, FCMB Group sold 21.87 million shares valued at N166 million and Access Corporation transacted 20.29 million shares worth N394.09 million.(NAN)