Equity market rebounds with N154bn gain

The nation’s bourse rebounded on Wednesday with market capitalisation gaining N154 billion or 0.55 per cent or to close at N28.175 trillion as against N28.021 trillion recorded on Tuesday.

Also, the All-Share index (ASI) gained 283.27 points or 0.55  per cent to settle at 51,729.87 as against N51,446.60 recorded on Tuesday.

The positive performance was driven by stocks of Zenith Bank, FBN Holdings and Guranty Trust Holding Company (GTCO).

As a result, the year-to-date (YTD) return declined to 0.93 per cent.

Market breadth closed positive as 18 stocks advanced, while 15 others declined.

A breakdown of price movement showed that Thomas Wyatt Nigeria  topped the gainers’ table with a gain of 9.48 per cent to close N1.27 per share.

Champion Breweries  trailed with a gain of 9.45 per cent to close at N4.75 while FTN COCOA Processors rose by 7.69 per cent to close at 28k per share.

Mutual Benefits Assurance was up by 6.67 per cent to close at 32k, while Courteville Business Solutions  increased by 6.52 per cent to close at 49k per share.

Conversely, Challerams Plc led the losers’ table, dropping by 9.89 per cent to close at N1.64 per share.

Royal Exchange Assurance followed with a loss of 7.41 per cent to close at N1, while  WAPIC  Assurance declined by 6.54 per cent to close at 42k per share.

AXA Mansard dcreased by 6.54 per cent to close at N2, while  RT Briscoe fell by  3.57 per cent to close at 27k per share.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session with the value of transactions down by 0.55 per cent.

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A total of 281.94 million shares valued at ₦8.16 billion were exchanged in 3,679 deals.