Equities Market Rebounds By N28bn

Transactions on the Nigerian equities market yesterday closed on a positive trajectory as the market recovered N28 billion.

Capital market analysts said: “the positive performance was buoyed by investors’ buying interest in recently depreciated medium and large-scale stocks.”In summary, the All-Share Index increased by 55.50 absolute points, representing a growth of 0.15 per cent to close at 37,640.75 points, while the overall market capitalisation value gained N28 billion to close at N19.621 trillion.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil Palm, Cadbury Nigeria, Dangote Sugar Refinery, Vitafoam Nigeria and FCMB Group. Analysts at Afrinvest Limited said: “In the coming trading session, we expect bargain hunting activities to sustain the positive performance.”

The market breadth closed positive as 28 stocks gained, relative to 13 losers. Ikeja Hotel and Linkage Assurance recorded the highest price gain of 10 per cent each to close at N1.21 and 77 kobo respectively, while Cadbury Nigeria followed with a gain 9.62 per cent to close at N8.55, per share.Honeywell Flour Mill rose by 9.46 per cent to close at N1.62, while Consolidated Hallmark Insurance gained 8.62 per cent to close at 63 kobo, per share.

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