Stock Market Rebounds After 10-Day Loss

Trading on the floor of the Nigerian Stock Exchange on Wednesday closed on a positive note after recording losses for 10 straight days.

Shares appreciation in 39 companies pushed up the NSE market capitalisation to N8.025tn from N7.723tn recorded on Tuesday.

The NSE All-Share Index also appreciated from 22,456.32 basis points to 23,335.01 basis points.

A total of 242.530 shares worth N1.58bn were traded in 3,865 deals.

The highest index point recorded in the course of trading stood at 24,239.98 basis points, while the lowest and average index points were 22,456.32 and 23,219.24 basis points, respectively.

FBN Holdings Plc, Guaranty Trust Bank Plc, UACN Plc, Zenith Bank Plc and African Prudential Registrars Plc emerged top-five gainers.

Other gainers were, Skye Bank Plc, Access Bank Plc, Transnational Corporation of Nigeria Plc, Unity Bank Plc, Sterling Bank Plc, Oando Plc, United Bank for Africa Plc, Fidelity Bank Plc, United Capital Plc; Cadbury Nigeria Plc; Dangote Sugar Refinery Plc; Nestle Nigeria Plc; UAC Property Development Company Plc; PZ Cussons Nigeria Plc; Ecobank Transnational Incorporated; Union Bank Nigeria Plc, and Trans-national Express Plc.

FBN Holdings shares rose by N0.37 (10.19 per cent) to close at N4 from N3.63, while those of Guaranty Trust Bank closed at N15.15 from N13.75, appreciating by N1.40 (10.18 per cent).

The shares of the UACN also rose to N18.97 from N17.22, gaining N1.75 (10.16 per cent).

Zenith Bank shares appreciated by N0.97 (10.16 per cent) to close at N10.52 from N9.55, while those of Africa Prudential Insurance closed at N2.32 from N2.11, gaining N0.21 (9.95 per cent).

A total of eight firms recorded losses in their share prices on Wednesday with Honeywell Flour Mill Plc, Ashaka Cement Plc, Ikeja Hotels Plc, Flour Mills Nigeria Plc and Seplat Petroleum Development Company Plc emerging as the top five losers.

NPF Microfinance Bank Plc, FCMB Group Plc and Champion Breweries Plc also recorded losses at the close of trading.

Honey Well Flour Mill recorded a loss of N0.17 (9.44 per cent) to close at N1.63 from N1.80, while Ashaka Cement shares dropped to N24 from N26.50, losing N2.50 (9.43 per cent).

Ikeja Hotel also recorded a loss of N0.29 (9.35 per cent) to close at N2.81 from N3.10.

The shares of Flour Mill depreciated from N17.85 to N16.35, losing N1.50 (8.40 per cent), while those of Seplat dropped to N151.74 from N159.72, losing N7.98 (five per cent).