The stock market on Thursday rebounded on bargain hunting in bellwether stocks after two consecutive trading sessions which caused investors to lose N126 billion.
Specifically, the benchmark index of the Nigerian Stock Exchange (NSE), the All Share Index (ASI), rose by 0.22 percent to close at 36,427.22 points, while Year-to-Date loss of the ASI moderated to 4.78 percent.
The bullish performance was occasioned by gains in Nestle Nigeria, Zenith Bank, FBN Holdings and Guaranty Trust Bank.
Consequently, all sector indices closed on positive note as market capitalization of listed equities, which opened at N13.17 trillion, closed at N13.20 trillion.
Based on the positive performance, analysts at Afrinvest Securities Limited projected a bullish performance for the week. “We expect the market to close the week in the green, supported by bargain hunting in fundamentally sound stocks as observed in today’s trading session,” the analysts stated.
Market breadth closed flat as 20 gainers emerged against 20 losers. Honeywell Flour recorded the highest price gain of 9.88 percent to close at N1.89 per share. Cutix followed with a gain of 9.77 percent to close at N4.38 per share, while Aiico Insurance gained 9.68 percent to close at 68 Kobo per share.
Livestock Feeds rose by 9.52 percent to close at 69 Kobo per share, while FCMB appreciated by 9.44 percent to close at N1.97 per share.
On the other hand, Neimeth International Pharmaceuticals led the losers’ chart with a loss of 9.30 percent to close at 39 Kobo. Wapic Insurance trailed by dropping 9.09 percent to close at 40 Kobo per share, while Custodian and Allied depreciated by 8.85 percent to close at N5.56 per share.
Uacn Property Development Company fell by 8.82 percent to close at N1.55 per share, while A.G Leventis Nigeria declined by 8.70 percent to close at 42 Kobo per share.
However, activity level weakened as the total volume traded depreciated by 48.10 percent to close at 171.22 million shares valued at N2.98 billion traded in 2,978 deals. Transactions in shares of Zenith Bank topped the activity chart with 30.29 million shares worth N717.23 million.
United Bank for Africa followed with 21.71 million volume of shares valued at N205.71 million, while First City Monument Bank traded 19.01 million shares worth N35.97 million.
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