Equity market rebounds with N67bn gain 

The Nigerian equity market recovered, gaining N67bn on Tuesday after six consecutive days of losses that resulted in a N1.6tn decline.

This resulted in a 0.12 per cent increase in the All Share Index to settle at 95,895.92 points, up from the previous close of 95,781.68 points.

Market capitalisation increased to N54.448tn, reflecting the gain. The trading session saw an aggregate of 1.01 billion shares exchanged in 8,295 deals, valued at N7.69bn.

Despite the gain, the year-to-date growth remains at 28.62 per cent, while the month-to-date and week-to-date figures stand at negative 1.93 per cent and negative 1.24 per cent, respectively.

The market breadth closed negative as 19 equities gained while 24 equities recorded losses.

Top gainers included Learn Africa, which closed at N3.87 per share, representing a 9.94 per cent increase; Oando at N43.30 to close at 9.90 per cent; Cutix at N2.90 to close at 9.85 per cent; RT Briscoe at N2.05 to close at 9.63 per cent; UPL at N2.66 to close at 8.57 per cent; and Tantalizer at N0.52 to close at 8.33 per cent.

On the flip side, the top losers were Thomas Wyatt, which saw its share price drop by 9.71 per cent to close at N1.58 per share; Omatek Ventures at N0.68 (-6.85 per cent); FTN Cocoa Processors at N1.92 (-6.80 per cent); Neimeth international Pharmaceutical plc at N1.90 (-5.00 per cent); The Initiate Plc at N2.15 (-4.44 per cent); and Japaul Gold at N2.20 (-4.35 per cent).

At the end of the day’s trading session, a total of 1.01bn shares were traded in 8,295 deals, corresponding to a market value of N7.69bn. Compared to the previous day’s trading the volume traded increased by 150 per cent, though the number of deals dropped by 11 per cent.

Jaiz Bank recorded the highest volume of traded shares with 651 million units, followed by Sterling Bank with 53.9 million units, International Breweries with 28.4 million units, and FCMB Group with 21.9 million units.

PUNCH reported that the Nigerian Stock Exchange extended its bearish trend to the sixth consecutive trading session, losing N1.6tn during this period. The All Share Index fell by 1.36 per cent, closing at 95,781.68 points, down from the previous close of 97,100.31 points and the market capitalisation shed N750bn at N54.40tn on Monday.