Investors gain N653bn as Stock market rebounds

By Taiye Olayemi

The Nigerian equities market rebounded on Tuesday as investors gained N653 billion, courtesy of renewed buying interest in large- and mid-cap stocks, including Airtel Africa, Prestige Assurance, Cutix, Regency Alliance Insurance and 15 other gainers.

The market capitalisation rose by N653 billion, or 0.45 per cent, to N147.217 trillion from N146.564 trillion recorded on Monday.

Similarly, the All-Share Index advanced by 1,017.26 points, or 0.45 per cent, to close at 229,419.18, compared with 228,401.92 at the previous session.

Consequently, the market’s Year-to-Date (YTD) return improved to 47.43 per cent.

However, the market breadth closed negatively with 32 losers and 19 gainers.

Custodian Investment led the losers’ chart by 9.98 per cent, finishing at N65.85, PZ Cussons and RT Briscoe trailed by 9.95 per cent each, closing at N85.50 and N9.95 per share respectively.

UPDC lost by 9.86 per cent, settling at N3.20 and Honeywell Flour declined by 9.78 per cent, ending the session at N14.30 per share.

Conversely, Airtel Africa, Critical Minerals Financing Corp and Prestige Assurance led the gainers’ chart by 10 per cent each, settling at N4,794.60, N4.18 and N1.54 per share respectively.

Cutix grew by 9.70 per cent, closing at N2.94 and Regency Alliance Insurance gained by 9.09 per cent, finishing at N84k per share.

Market activity declined as investors traded 966.66 million shares worth N39.95 billion in 49,579 deals, representing an 8.44 per cent drop in volume compared with the previous session.

Linkage Assurance emerged as the most actively traded stock by volume, with 95.97 million shares exchanged, accounting for 9.93 per cent of the total volume traded.

Aradel led the market by value, with transactions worth N11.59 billion, representing 29.02 per cent of the day’s total value traded. (NAN) (www.nannews.ng)

PTB/AWA