Equities rebound as Dangcem, MTN, 9 others net N83bn gain

Equities rebound as Dangcem, MTN, 9 others net N83bn gain

The domestic equities rebounded on Tuesday from the bearish close the previous session, following investors’ buying interest in bellwethers – DANGCEM (+3.6%) and MTNN (+1.2%).

Accordingly, the benchmark index advanced by 0.41% or 158.97 points to 38,720.81 points. Similarly, market cap of stocks appreciated by N83 billion to close at N20.259 trillion from N20.176 trillion it opened the session.

Consequently, the Month-to-Date (MtD) and Year-to-Date (YtD) losses moderated to -2.7% and -3.9%, respectively.

The total volume traded increased by 19.7%  to 220.86 million units while value of traded rose 66.91% at N4.21 billion and exchanged in 4,192 deals compared with the previous session.

UBA was the most traded stock by volume at 24.41 million units, while DANGCEM was the most traded stock by value at N933.04 million.

Analysing by sectors, the Industrial Goods (+1.7%) and Consumer Goods (+0.2%) indices recorded gains, while the Banking (-3.5%) and Insurance (-1.1%) indices declined. The Oil & Gas index closed flat.

Investors’ sentiment, as measured by market breadth (0.6x) was bearish, as 19 tickers lost, relative to 11 gainers. WAPIC (-9.1%) and AFRIPRUD (-8.3%) recorded the largest losses of the day, while REGALINS (+10.0%) and GUINNESS (+10.0%) topped the gainers’ list.