Stock market rebounds as investors gain N26bn

Bullish sentiment returned to the Nigerian stock market on Thursday, April 25, 2024 following investors’ interest in MTN Nigeria, Transcorp Hotel, United Bank of Nigeria (UBA), among other advanced equities.

Specifically, the market capitalisation, which opened at N55.494 trillion, gained N26 billion or 0.05 per cent to close at N55.520 trillion.

The All-Share Index also rose by 0.05 per cent or 48 points to close at 98,169.30, compared to 98,121.30 recorded on Wednesday.

As a result, the Year-To-Date (YTD) return rose to 31.29 per cent.

Market breadth closed negative with 24 declined equities and 16 advanced others on the floor of the Exchange.

On the losers’ side, Sterling Nigeria led by 9.69 per cent to close at N3.82, Computer Warehouse Group trailed by 9.57 per cent to close at N5.20 per share.

Investors lose N673bn amidst sell-offs in MTN, other stocks

International Energy Insurance lost 9.30 per cent to close at N1.17, The Initiative Plc declined by 9.09 per cent to close at N1.80 and Omatek dropped 8.43 per cent to close at 76k per share.

On the flip side, Transcorp Hotel led by 9.75 per cent to close at N96.50, Livestock Feed Plc followed closely by 9.42 per cent to close at N1.51 per share.

Tantalizers also gained 9.38 per cent to close at 35k, Sunu Assurances rose by 7.44 per cent to close at N1.30 and Wapic Insurance added 6.15 per cent to close at 69k per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 31.95 per cent.

A total of 297.20 million shares valued at N6.52 billion, exchanged in 7,417 deals, in contrast to 395.75 million shares valued at N9.58 billion were exchanged in 7,907 deals posted previously.

Zenith Bank led the activity chart in volume and value with 48.49 million shares worth N1.77 billion, Access Corporation followed by 39.88 million shares valued at N639.98 million.

Transnational Corporation sold 28.47 million shares valued at N397.34 million, UBA traded 22.94 million shares valued at N523.55 million and Nigerian Breweries transacted 20.29 million shares worth N560.16 million.

The Star