Nigerian equities witnessed a major rebound on Tuesday as increased bargain-hunting left the equities with net capital gain of N88 billion.
With a day-on-day average gain of 0.68 per cent, the average year-to-date return spiraled upward to 39.55 per cent.
With more than two advancers to every decliner, most indices at the Nigerian Stock Exchange (NSE) closed on the upside as investors sought to rebalance their portfolios towards the month end.
The All Share Index (ASI)-value-based common index that tracks share prices at the Exchange, trended upward to 37,503.73 points as against its opening index of 37,250.78 points. Aggregate market value of all quoted equities also rose correspondingly from N12.973 trillion to close at N13.061 trillion.
Sectoral analysis showed widespread bargain-hunting across the sectors. The NSE Consumer Goods Index rallied by 0.9 per cent. The NSE Industrial Goods Index and NSE Banking Index rose by 0.3 per cent each while the NSE Insurance Index was unchanged. However, the NSE Oil & Gas Index declined by 0.3 per cent.
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Nigerian Breweries led the 25-stock advancers’ list with a gain of N6.43 to close at N137.60. Stanbic IBTC Holdings rose by N1.85 to close at N41.85. Dangote Cement chalked up N1 to close at N241. Cement Company of Northern Nigeria added 43 kobo to close at N9.40 while Global Spectrum Energy Services rose by 26 kobo to close at N5.51 per share.
Total turnover was above average with 1.1 billion shares valued at N4.8 billion in 4,089 deals. Wapic Insurance was the most active stock with a turnover of 655.35 million shares valued at N327.67 million. Diamond Bank followed with 68.21 million shares worth N80.33 million while Zenith Bank placed third with 62.74 million shares valued at N1.56 billion.
On the downside, Mobil Oil Nigeria led the 11-stock decliners’ list with a loss of N5.40 to close at N162.50. Guinness Nigeria dropped by N1.42 to close at N98.58. PZ Cussons Nigeria declined by N1.15 to close at N22.72. Okomu Oil Palm dropped by 78 kobo to close at N67.22 while Dangote Sugar Refinery dipped by 26 kobo to close at N17.55 per share.
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