Equities Recoup Over ₦260bn In Extended Rebound
Nigerian equities market recouped N260.53 billion of market capitalization in two days of extended rebound driven by buy interest in dividend yielding, high capitalization stocks of Airtel Africa, Dangote Cement, MRS Oil, others.m
Market capitalization which measures valuation of traded equities rose by 1.05 per cent or N251.06 billion to close at N23.94 trillion, up from N23.69 trillion at which trading resumed on Thursday.
In previous session on Wednesday, the market capitalization had appreciated by N9.47 billion, thus, recovering about 40 per cent of the N436.43 billion losses recorded on Tuesday.
Huge gains in Airtel Africa (+0.37%), Dangote Cement (+7.77%), MRS Oil (+9.8%) and 12 others offset the losses recorded in the shares of Julius Berger, Cadbury, Nigerian Breweries, 13 others and propelled the market to improved returns.
Consequently, the benchmark index that measures market performance rose 462.2 basis points or 1.06 per cent to settle at 43,939.68 points up from 43, 477.48 points, improving year to date returns at +2.86 per cent up from 1.78 per cent previous day.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 71.01 percent.
A total of 405 million shares valued at ₦3.10 billion were exchanged in 3,188 deals.
Sterling Bank led the volume chart with 171.15 million units traded while Airtel Africa (+0.37%) led the value chart in deals worth ₦700.25 million.
With +8.70 per cent gain, Courtville Business Solutions topped thirteen (13) others on the gainer’s table, while Julius Berger with -9.81 per cent loss led 12 others on the losers table.
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