Stock Investors Gain N93bn on Monday

• Stock Investors Gain N93bn on Monday

The Nigerian Stock Exchange (NSE) rebounded slightly on Monday following two weeks of a bearish trend.

The NSE All-Share Index gained 0.71 percent from 26,925.29 recorded on Friday to settle at 27,177.22 basis points on Monday.

While the market capitalisation grew by N93 billion to N13.214 trillion, up from N13.121 trillion achieved on Friday.

The marginal gain was as a result of strong earnings reported by banks in their first half of the year reports.

The banking index topped the sectorial chart with 1.34 percent gain, largely due to the surge in buying interests of most bank stocks and appreciation in Zenith Bank plc and Stanbic IBTC Holdings Plc.

The oil and gas sector came second with a 0.50 percent gain on the back of renewed interest in Oando Plc.

The insurance goods index declined by 2.14 percent, while consumer goods index and industrial goods index dipped by 1.58 percent and 0.25 percent, respectively. Suggesting that the gain might be temporary as sentiment remained weak across key industries.

Overall, the activity level was mixed as volume traded dropped by 2.9 percent to 250.744 million units while value traded increased by 18.1 per cent to N4.17 billion.