Nigerian Stock Market Rebounds on Tuesday, Gains 3.68%

  • Nigerian Stock Market Rebounds on Tuesday, Gains 3.68%

Following two consecutive days of decline, the Nigerian Stock Exchange rebounded on Tuesday to close with the biggest daily gain in 2019.

The NSE All-Share Index gained 3.68 percent to close at 31,307.000 basis points.

While the market capitalisation of listed equities rose from N13.30 trillion recorded on Monday to N13.789 trillion on Tuesday.

A total of 344 million shares valued at N7.27 billion were traded in 4,456 deals.

Top five traded stocks were GTBank 67.123 million shares worth N2.143 billion, Zenith bank 52.096 million shares valued at N1.043 billion.

Followed by FBNH, Access Bank and UBA with 44.68 million, 41,77 million and 20,276 million worth N322.187 million, N256,463 million and N123.506 million, respectively.

Top gainers were Seplat 5.75 percent; Dangote Cement 5 percent; Nestle 3.57 percent; Nigerian Breweries 3.45 percent; and MTNN 1.96 percent.

Eterna led top losers with -8.75 percent, PZ -4.71 percent, NAHCO -3.64 percent, flourmill -2.91 percent and Afriprud -1.11 percent.

The stock market dipped on weak sentiment after the MTN Nigeria announced it is being investigated by the Economic and Financial Crimes Commission (EFCC).

The arrival of the telecommunication giant on the NSE has helped propel the stock market to 2019 high and moderated year-to-date loss, however, the news of investigation impacted market sentiment on Friday and Monday before it rebounded on Tuesday as investors seem to have focused on other stocks with better fundamentals.

About the Author

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

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