Nigeria’s stock market rebounds as First Bank leads investors’ activities

Renewed investors’ interest in Nigeria’s capital market lifted the bourse out of the bear territory on Tuesday as it rallied round to slightly increase the equity capitalisation to N21.014 trillion.

The equity capitalization slipped to N21.008 trillion on Monday due to investors’ loss of confidence in the nation’s stock market.

The market had started the week with a decline in the number of shares traded but the figure jumped to 337.95 million on Tuesday, surpassing the 289.33 million on Monday.

During trading on the floor of the Nigeria Stock Exchange (NSE), rising investors’ confidence also increased the value of market shares as the All Share Index (ASI) rose slightly from 40,154.09 to 40,164.86.

This boosted the number of completed deals as it moved upwards to 5,232 and surpassed the number of deals secured on Monday, which was reported at 4,953.

The value of shares also increased from N3.57 billion to N3.84 billion on Tuesday.

At the end of trading, Livestock’s share price increased from N2.1kobo to N2.25kobo per share following a gain of N0.15kobo.

AIICO share price rose by 7.14 percent and moved from N1.12kobo to N1.20kobo.

Flour Mills made the list following a gain of N1.8kobo which increased its share price from N29.2kobo to N31.

Zenith Bank gained 1.2kobo to end trading at N26 from N24.8kobo on Tuesday.

Cutix also recorded a gain of N0.1kobo and moved from N2.15kobo to N2.25kobo per share at the end of trading.

Sunu Assurance topped the losers’ chart after shielding 9.88 percent in share price to drop from N0.81kobo to N0.73kobo at the end of trading.

LASACO also made the list after its share price dropped from N1.52kobo to N1.37kobo following a loss of N0.15kobo in the share price.

READ ALSO: NSE: Investors lose N15.19bn in stock market

African Prudential share price plunged by N0.65kobo to secure the third spot after ending trading at N5.95kobo from N6.6kobo.

Associated Bus Company share price declined from N0.35kobo to N0.32kobo per share after losing 8.57 percent in share price during trading.

UPL completed the list as its share price fell by N0.11kobo to end trading at N1.18kobo per share, having opened trade with N1.29kobo.

For traded shares, First Bank was the most active stock on Tuesday as investors traded 64.58 million shares worth N471.80 million.

Zenith Bank shares were traded at a volume of 52.67 million and valued at N1.34 billion.

Transcorp was next with 41.98 million shares traded at a cost of N38.11 million.

United Capital reported 20.96 million shares worth N128.22 million while United Bank of Africa recorded 18.14 million traded shares at a value of N153.23 million.

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