Stock market rebounds, gains N1.6bn on Tuesday

Nigeria’s stock market recovered from Monday’s losses on Tuesday, with the market capitalisation appreciating by N1.6 billion to close at N11.462 trillion.

This is as a result of the 26 stocks that recorded gains at Tuesday’s trading.

The market had depreciated on Monday after seven consecutive days of price rally, but yesterday’s gains lifted the Nigerian Stock Exchange (NSE) All-Share Index to close higher at 30,736.88.

Price gainers were led by Linkage Assurance Plc with 9.8 per cent gains. It was trailed by Redstar Express Plc with 9.0 per cent while Nigerian Aviation Handling Company Plc chalked up 8.3 per cent, just as Royal Exchange Plc and Oando Plc garnered 7.4 per cent and 6.8 per cent in that order.

At the end trading on Tuesday, 10 stocks dipped in value. They were led by MCNichols Plc with 9.3 per cent, followed by Sovereign Trust Insurance Plc with 8.3 per cent while the Cement Company of Northern Nigeria Plc shed 7.0 per cent, with WAPIC Insurance Plc going down by 4.7 per cent among others.

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The activity level at the NSE fell as volume and value traded declined by 51.0 per cent and 56.0 per cent to 245 million shares and N2.4 billion.

In terms of volume, the most active stocks were Diamond Bank (71.6 million shares), Access Bank (27.0 million shares) and GTBank (27.0 million shares while the top traded stocks by value were GTBank(N848.0 million), Zenith Bank (N236.0 million) and Seplat (N193.8 million).

Performance on sectoral basis was mixed with two sectors appreciating while three declined.

The NSE Oil & Gas Index advanced the most, up 1.7 per cent while the NSE Banking Index followed with a rise of 0.8 per cent.

However, the NSE Industrial Goods Index shed the most, down 2.5 per cent, while the NSE Consumer Goods Index and NSE Insurance Index shed 0.3 per cent and 0.4 per cent respectively.

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