Equities Rebound, Gain N780bn

The Nigerian equities market rebounded on Thursday as renewed buying interest lifted investor sentiment across the bourse.

The All-Share Index (ASI) gained 1,200.24 points, rising by 0.47 per cent to close at 254,083.02, strengthening further above the 250,000-point level.

The recovery reflects renewed buying interest following the previous session’s decline.

Consequently, equity market capitalisation increased by N780 billion to close at N164.97 trillion.

The total volume traded advanced by 61.9 per cent to 654.28 million units, valued at N57.36 billion, and exchanged in 35,821 deals.

As measured by market breadth, market sentiment was neutral, as 27 tickers gained relative to 26 losers. eTranzact International led the gainers chart by 10.00 per cent to close at N17.60, per share. Sovereign Trust Insurance followed with a gain of 9.60 per cent to close at N2.17, while Fortis Global Insurance up by 9.38 per cent to close at N1.75, per share.

McNichols up 9.18 per cent to close at N5.35, while and Zichis Agro Allied Industries rose by 8.24 per cent to close at N18.40, per share.

On the flip side, First HoldCo topped the losers with a 10.00 per cent decline to N125.55, per share. Livestock Feeds followed with a decline of 9.70 per cent to close at N12.10, while Tantalizer down 8.40 per cent to close at N3.60, per share.

C & I Leasing down 7.41 per cent to close at N5.00, and Regency Alliance Insurance depreciated by 7.35 per cent to close at 63 kobo, per share

Analysts stated that the session was characterised by bullish sentiment and stronger trading turnover as the market recovered from the previous session’s losses.