Equities: Interests in undervalued stocks spur N50bn rebound

The Nigerian equity market has rebounded to close in the green territory on Thursday as investors’ interests in undervalued stocks beefed up.

The development led to N50 billion gain in the aggregate market value, an equivalent  of 96.06 points or 0.38 per cent in the All-Share Index which closed higher at 25,520.97 basis points.

Similarly, market capitalization closed higher at N13.314 trillion from N13.264 billion it closed the previous trading session on the floor of the Nigerian Stock Exchange (NSE).

Market breadth also closed in favour of the bulls following emergence of 22 gaining stocks that outnumbered 12 declining counterparts while eight other tickers closed on unchanged prices.

Meanwhile, a turnover of 236.48 million shares exchanged in 3,251 deals was recorded in the day’s trading.

Premium sub-sector was the most active (measured by turnover volume), with 74.39 million shares exchanged by investors in 1,190 deals.

Volume in the sub-sector was largely driven by activities in the shares of FBN Holdings Plc and Zenith Bank Plc.

Banking sub-sector boosted by activities in the shares of Fidelity Bank Plc and Wema Bank Plc followed with a turnover of 72.26 million shares in 706 deals.

Eterna Oil Plc led the gainers’ table with a gain of 9.69 per cent to close at N2.49 per share while C&I Leasing Plc followed with a gain of 8.45 per cent to close at N3.85 per share. Wema Bank Plc added 7.84 per cent to close at N0.55 per share.

On the other hand, ABC Transport Company Plc led the price losers’ table, dropping 7.69 per cent to close at N0.36 per share.

Cornerstone Insurance Plc followed with 7.58 per cent to close at N0.61 per share while CHI Plc trailed with a loss of 5.88 per cent to close at N0.32 per share.