Equities rebound as bargain hunting spurs N178bn gain
The Nigerian equities market opened the week on a positive note following bargain hunting across the industrial tickers as weekly activities commenced on the floor of the Nigerian Stock Exchange (NSE) on Monday.
As investors saw respite from after seventh consecutive week of losses, the market index on Monday rose 340.49 points or 0.89 per cent to close at 38,722.87 basis points.
In monetary term, this amounted to N178 billion profit for equity investors as aggregate value of stock investment at the market went northward to close at N20.260 trillion.
The performance was buoyed by buying interests in BUACEMENT (+5.1 per cent), STANBIC NL (+10.0 per cent) and INTBREW NL (+5.9 per cent) stocks. Consequently, the year-to-date (YtD) performance printed at -3.84 per cent.
The performance across sectors was positive, following gains in the Industrial Goods (+2.1 per cent), Insurance (0.4 per cent), Consumer Goods (0.3 per cent) and Oil & Gas (+0.1 per cent) indices. The Banking index closed flat.
The total volume and value of trades decreased by 4.6 per cent and 24.02 per cent at 277.24 million share units worth N3.05 billion and exchanged in 4,299 deals.
As measured by market breadth, market sentiment was positive (3.7x), as 26 tickers gained, relative to 7 losers.
STANBIC (+10.0 per cent) and JBERGER (+10.0 per cent) topped the gainers’ list while CHAMPION (-8.2 per cent) and JAIZBANK (-4.5 per cent) recorded the most losses of the day.
UBN was the most traded stock by volume at 79.89 million units, while GUARANTY was the most traded stock by value at N1.12 billion.