NGX Rebounds, Gains 1.47%
The sell-offs that triggered a huge loss on the Nigerian stock market on Tuesday was halted on Wednesday as key indices rebounded.
The domestic bourse, had on Tuesday, recorded a 2 26 per cent drop, its biggest fall in recent years.
However, on Wednesday the equities rebounded as the All-Share Index surged 1.47 per cent, its largest single-day gain since 15 July.
The ASI settled at 50,075.47 on Wednesday from its Tuesday’s close of 49,351.06.
The market capitalisation gained N390.91 billion on Wednesday to close at N27.01 trillion from N26.62 trillion.
The year-to-date (YTD) return rose by 17.23 per cent.
The recovery in Dangote Cement Plc (+9.96 per cent ) drove the market’s strong rebound.The market turnover settled higher relative to the Tuesday’s session with the value of transactions increasing by 30.14 per cent.
A total of 279.22 million shares valued at N2.08 billion were exchanged in 3,576 deals.
Eighteen stocks appreciated during Wednesday’s trading, while nine declined.
Dangote Cement (+9.96 per cent ) led the price gainers in percentage terms as the stock closed at N265 per share.
NEM Insurance followed with a 9.89 per cent gain to settle at N4. 11 kobo per share, while Ellah Lakes rose 9.41 per cent to close at N4. 30 kobo per share.
Japaul Gold and May and Baker appreciated by 8.82 per cent and 8.68 per cent to settle at N0.37 kobo and N3.88 kobo per share, respectively.
On the flip side, Lafarge Africa topped the price losers’ table in percentage terms, losing 8.84 per cent to close at N23.20 kobo per share.
Nahco dipped by 8.62 per cent to close at N5. 30 kobo per share, while Honeywell Flours fell 6.41 per cent to settle at N2.63 kobo per share.
UAC Nigeria and AIICO Insurance shed 5.36 per cent and 5.26 per cent to settle at N10. 60 kobo and N0.54 kobo per share, respectively.
Jaiz Bank (+3.45 per cent ) led the volume chart with 115.13 million shares traded, while FBN Holdings led the value chart in deals worth N431.50 million.
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