Investors gain N37bn as stock market rebounds

Investors in the equities segment of the Nigerian Stock Exchange gained N37bn at the close of trading on Tuesday as the market reversed some of its recent losses.

The NSE All-Share Index and market capitalisation grew by 0.29 per cent as 17 firms recorded price appreciation.

The ASI rose by 71.43 basis points to close at 24,097.48bps on Tuesday from 24,026.05bps recorded the previous day.

The market capitalisation of equities appreciated by N37bn to close at N12.57tn from N12.53tn.

A total of 155.53 million shares was traded in 4,060 deals on Tuesday.

The premium subsector was the most active (measured by turnover volume), with 51.78 million shares traded by investors in 1,406 deals.

The volume in the subsector was largely driven by trading activities on the shares of MTN Nigeria Communications Plc and Access Bank Plc.

The banking subsector was boosted by trading activities on the shares of Guaranty Trust Bank Plc and Fidelity Bank Plc, with a turnover of 31.46 million shares in 661 deals.

Red Star Express Plc led the gainers’ table with a gain of 9.76 per cent to close at N3.26 per share while Wapic Insurance Plc appreciated by 6.06 per cent to close at 35 kobo per share.

C&I Leasing Plc saw its share price rise by 5.26 per cent to close at N4.00.

On the other hand, Okomu Oil Palm Company Plc led the other 17 losers, shedding 9.95 per cent to close at N69.70 per share.

Unilever Nigeria Plc and MRS Oil Nigeria Plc lost 9.78 per cent each to close at N12.45 per share apiece awhile AXA-Mansard Insurance Plc fell by 9.66 per cent to close at N1.59 per share.