Equity Market Rebounds As Investors Gain N213bn

Equity Market Rebounds As Investors Gain N213bn

The Nigerian Exchange Limited on Tuesday halted seven days of bearish trading to close the market with a gain of N213bn for investors.

Both the All-Share Index and the Market capitalisation rose by 0.59 per cent to 66,770.97 basis points and N36.544tn. Similarly, the year-to-date returns also rose to 30.28 per cent.

While both the number of deals and volume of shares traded on Tuesday rose by 17.59 per cent and 24.37 per cent to 7,537 and 364.32 million respectively, the value of trade depreciated by 15.02 per cent to N3.85bn.

Market sentiments at the close of the day’s trading threw up 24 gainers in contrast to 28 losers.

Leading the gainers were BUA Cement with a share price appreciation of 9.94 per cent to close at N94 per share. Recall that the cement manufacturer on Sunday announced a reduction in the price of its product to N3, 500 per bag.

Betaglas and FTN Cocoa followed with 9.93 per cent increase to close at N66.95 and N1.66 per unit respectively. Oando got on the gainers’ table with 9.55 per cent gain to close at N8.60 and UAC Nigeria’s shares rose by 8.50 per cent to close at N10.85 per unit.

On the losers’ chart, Linkage Assurance led with a 10 per cent decline to close at N0.72, Computer Warehouse Group lost 9.94 per cent of its share value to close at N7.79, Red Star Express lost 9.86 per cent to close trading at N2.65 per unit, Tantalizer lost 9.38 per cent to close at N0.29 and Cadbury’s shares depreciated by 6.83 per cent to close N15.

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