Equities Market Rebounds on Bargain Hunting in Bellwether Tickers

By Goddy Egene

Gains by bellwether tickers lifted the market Tuesday after opening the week on negative note Monday. Highest capitalised stock, Dangote Cement Plc, Nestle Nigeria Plc, Nigerian Breweries Plc and FBN Holdings Plc are among the 26 stocks that led the rebound of the market.

The Nigerian Stock Exchange All-Share Index, which had declined by 0.27 per cent Monday, appreciated Tuesday with a growth of 2.0 per cent to close at 33,114.44. Similarly, market capitalisation added N242 billion to close higher at 12.09 trillion.

However, level of activity was mixed as volume traded rose 17.1 per cent to 222.9 million shares units while value traded declined 0.7 per cent to N3.3 billion. Zenith Bank (43.3 million shares), International Breweries Plc (37.0 million shares ) and United Bank for Africa Plc (35.2 million shares) are the top traded stocks by volume while the top traded stocks by value are International Breweries (N1.1 billion), Zenith Bank (N923.6 million) and GTBank (N334.9 million).

The price gainers’ chart was led by Nestle Nigeria Plc with 10 per cent, trailed by Neimeth International Pharmaceuticals Plc with 9.6 per cent. First Aluminium Plc and Veritas Kapital Assurance Plc chalked up 8.1 per cent and 7.6 per cent respectively.

Conversely, Livestock Feeds Plc led the price losers with 8.7 per cent, trailed by Japaul Oil & Maritime Services Plc with 8.3 per cent. Union Diagnostic and Clinical Services Plc shed 7.8 per cent.