Stock market rebounds as investors gain N209bn

The Nigerian stock market rebounded on Friday after seven consecutive sessions of losses, adding N209 billion to investors’ wealth as market capitalisation rose by 0.13 per cent.

Market capitalisation increased to N161.260 trillion from N161.051 trillion in the previous session, representing a gain of N209 billion.

The All-Share Index also rose by 321.05 points, or 0.13 per cent, to close at 248,363.55, compared with 248,042.50 recorded previously.

The market’s year-to-date return improved to 59.60 per cent, while market breadth remained negative, with 31 stocks recording losses against 22 gainers.

Red Star Express led the gainers, appreciating by 9.76 per cent to close at N13.40 per share, Fidelity Bank followed with an 8.70 per cent gain, closing at N21, while Daar Communications rose by eight per cent to N1.38 per share.

WAPIC gained 7.26 per cent to settle at N2.30, and Omatek appreciated by 6.94 per cent to close at N1.34 per share.

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On the losers’ chart, Regency Alliance Insurance led with a 10 per cent decline, closing at 77 kobo per share, Livestock Feeds followed, shedding 9.58 per cent to settle at N13.15, while Guinea Insurance fell by 9.41 per cent to close at 93 kobo per share.

CAP declined by 8.50 per cent to N108.50, and UPDC lost 7.69 per cent to close at N4.20 per share.

Trading activity weakened, with total volume declining by 34.57 per cent to 322.04 million shares.

The shares were exchanged in 37,810 deals, with a total value of N20.50 billion.

Zenith Bank dominated trading by volume and value, recording 31.69 million shares worth N4.30 billion.

The bank’s transactions accounted for 9.84 per cent of total trading volume and 20.96 per cent of the total value traded.