The Nigerian equities market rebounded, ending an 11-day consecutive losing streak with a gain of N305 billion, following FTSE Russell’s confirmation of Nigeria’s reclassification from ‘Unclassified’ to Frontier Market status.
The NGX All-Share Index advanced 0.20 per cent to close at 239,156.09 points, pushing the year-to-date return to 53.69 per cent. Similarly, market capitalization rose by N305 billion to close at N154.442 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; First Holdco, United Bank for Africa (UBA), Access Holdings, AXA Mansard Insurance and Abbey Bank.
Looking ahead, Cowry Assets Management Limited said the market is expected to sustain its positive momentum as investor sentiment is set to improve further on the back of the FTSE Russell reclassification confirmation.
However, investor sentiment was negative as 39 decliners outpaced 19 advancers. Omatek Venture recorded the highest price gain of 9.60 per cent to close at N1.37, per share. Cornerstone Insurance followed with a gain of 9.18 per cent to close at N5.35, while AXA Mansard Insurance rose by 9.09 per cent to close at N12.00, per share.
Abbey Bank went up by 6.25 per cent to close at N8.50, while First Holdco appreciated by 4.65 per cent to close at N135.00, per share.
On the other hand, Fidson Healthcare led the losers’ chart by 9.98 per cent to close at N75.80, while International Energy Insurance and Learn Africa followed with a decline of 9.84 per cent each to close at N2.84 and N8.70 respectively, per share.
Dara Communication depreciated by 8.61 per cent to close at N1.38 and Legend Internet declined by 8.43 per cent to close at N3.80, per share.
The total volume traded declined by 31.8 per cent to 499.96 million units, valued at N35.15 billion, and exchanged in 40,323 deals. Transactions in the shares of Zenith Bank topped the activity chart with 69.948 million shares valued at N8.201 billion. Access Holdings followed with 45.369 million shares worth N1.287 billion, while Guaranty Trust Holding Company (GTCO) traded 37.469 million shares valued at N4.813 billion.
Tantalizers traded 21.305 million shares valued at N22.414 million, while Wapic Insurance sold 24.298 million shares worth N49.366 million.
