Equities Market Rebounds Slightly, Gains N80bn

CEO of the Nigerian Stock Exchange (NSE), MrCEO of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema
  • Equities Market Rebounds Slightly, Gains N80bn

The Nigerian Stock Exchange, NSE, rebounded slightly on Tuesday after losing N196 billion on Monday.

The market capitalisation of listed equities increased from the N12.004 trillion recorded on Monday to N12.084 trillion on Tuesday. Representing a profit of N80 billion.

While the All-Share Index gained 0.67 per cent from the 32,190.07 basis points on Monday to close at 32,406.17bps.

Analysts attributed the rebound to renew interest in stocks of Zenith Bank Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc.

Activity on the trading flour also strengthened during the trading hours, a total of 361.821 million shares valued at N4.160 billion were transacted in 4,623 deals, indicating a 55.4 per cent and 23.7 per cent surge in volume and value traded, respectively.

Transnational Corporation of Nigeria Plc (120.2 million units), Zenith Bank (37.3 million units) and FBN Holdings Plc (31.2 million units) were the most traded stocks by volume. While top traded stocks by value were Dangote Cement Plc (N951.6m), Zenith Bank (N925.5m) and GTB (N778m).

“Despite today’s rebound in market performance, we advise investors to trade cautiously as we expect sell pressures to return to the market by close of the week – eve of the rescheduled presidential elections,” analysts at Afrinvest said.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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