Equity market rebounds, gains N5bn

Trading activities on the floor of Nigerian Stock Exchange last week closed in green amid sustained bargain hunting activity.

Hence the NSE All Share Index increased by 10.32 basis point or 0.03 per cent week on week to 29628.84 from 29618.52 points in the preceding week.

Market capitalisation of listed equities also appreciated by N5 billion to N15.261 trillion from N15.256 trillion reported the previous week

Specifically, investors showed interest in selected insurance, oil and gas and industrial sectors such as Law Union and Rock Insurance, Seplat Petroleum Development Company and Lafarge Wapco, thus lifting NSE Insurance, NSE oil and gas and NSE industrial indices up by 3.05 per cent, 2.54 per cent and 5.10 per cent to close at 130.82 points, 254.45 points and 1,266.17 points respectively.

NCR Nigeria Plc recorded the highest loss during the week, declining by 18.27 per cent or N0.74 kobo to close at N3.31 kobo, Eterna Plc trailed with a loss of 12.50 per cent or N0.45 kobo to close at N3.15 kobo, Arbico Plc fell by 9.97 per cent or N0.35 kobo to close at N3.16 kobo. Other companies recorded price depreciation were Associated Bus Company

8.89 per cent , Unity Bank Plc 8.70 per cent , Courteville Business Solutions Plc 8.33 per cent , Champion Breweries Plc 8.16 per cent, NPF Micro Finance Bank Plc 8.13 per cent , Neimeth Pharmaceuticals Plc 7.84 per cent and Cornerstone Insurance 6.90 per cent.

However, NSE Banking and NSE Consumer goods moderated by 2.57 per cent and 3.58 per cent to  close at 294.15 points and 558.05 per cent respectively.

NSE AFR Bank Value Index down by 3.02 per cent to 1098.31 points, NSE Afr div yield index sheds 1.09 per cent to 1406.22, NSE Meri Value index 0.21 per cent to 1701.73 points,

Meanwhile, investors traded a turnover of 1.237 billion shares worth N22.762 billion in 21,156 deals in contrast to a total of 2.087 billion shares valued at N26.470 billion that exchanged hands last week in 24,262 deals.

The Financial Services industry led the activity chart in volume term accounting for 837.345 million shares valued at N10.511 billion traded in 12,041 deals,  contributing 67.69 per cent and 46.17 per cent  to the total equity turnover volume and value respectively. The Industrial Goods followed with 154.540 million shares worth N2.998 billion in 2,862 deals. The third place was ICT industry, with a turnover of 52.709 million shares worth N1.262 billion in 709 deals.

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