Stock market rebounds as investors gain N107bn

The Nigerian Exchange Limited on Wednesday rebounded as investors gained N107bn. The market had recorded about N1bn loss on Tuesday.

The All-Share index and market capitalisation appreciated by 0.35 per cent to 55,801.14 and N30.397tn respectively.

Since the beginning of the year, the ASI had moved 4,205.48 points and the year-to-date returns settled at 8.15 per cent returns.

In terms of volume, 152,742,743 million shares were traded on the floor of the exchange in 3,293 deals, worth N3.572bn.

The market breath was flat as 18 stocks gained in share price and 18 equities also suffered depreciation in their value.

Leading the gainers were Trans Nationwide Express plc, Cutix and FTN Cocoa, with 9.88 per cent, 8.50 per cent and 7.69 per cent gain to close the market at N0.89, N2.17 and N0.28 per share respectively.

At the end of trading, the losers’ table was led by MRS, which suffered a 9.98 per cent loss to close at N27.95,  ABC Trans lost 7.89 per cent to close at N0.35 and Chams experienced a 7.41 per cent dip to close to at N0.25.

The Financial Services sector had continued dominance on the most traded chart of the NGX on Wednesday, as 6,261,268 million shares of Zenith Bank, worth N162.465m were traded in 249 deals. Following was GTCO with 12,749,020 worth N335.933m traded in 227 deals.

Shares of MTN Nigeria emerged the third most traded stock on the NGX at the end of trading as 598,909 shares worth N148.903m were exchanged in 189 deals.