Nigeria’s stock market rebounds from consecutive losses

Investors at the Nigerian capital market gained N53.8billion after the bourse rebounded from three consecutive losses on Wednesday.

This followed the rise in equity capitalization by 0.21 percent after eight hours of trading on the floor of the stock market.

The development pushed up the equity capitalization from N25.35 trillion to N25.41 trillion on Wednesday.

The All-Share Index was up by 99.99 basis points to close at 47,157.23 compared to the previous day’s 47,057.24.

Investors traded 297.24 million shares worth N4.69 billion in 4,661 deals on Wednesday. This surpassed the 238.21 million shares worth N5.08 billion that exchanged hands in 4,826 deals on Tuesday.

RT Briscoe topped the advancers’ chart after its share appreciated by 10 percent to rise from N0.30kobo to N0.33kobo share.

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SCOA gained N0.13kobo to end trading with N1.50kobo from N1.37kobo per share. Sunu Assurance share price was up by 8.33 percent to move from N0.36kobo to N0.39kobo per share.

NEM gained N0.24kobo percent to move from N3.31kobo to N3.55kobo per share.

Union Bank of Nigeria gained N0.40kobo to end trading with N6.25kobo from N5.85kobo per share. Juli led the losers’ chart after losing 9.89 percent from its share price to drop from N0.91kobo to N0.82kobo per share.

Multiverse’s share price depreciated from N0.21kobo to N0.20kobo per share after losing 4.76 percent during trading. Sovereign Insurance share price dropped by 4.17 percent to end trading at N0.23kobo from N0.24kobo per share.

AIICO lost 2.74 percent to end trading with N0.71kobo from N0.73kobo per share. UPDCREIT completed the list after shedding N0.10kobo from its market price to drop from N3.65kobo to N3.55kobo per share.

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Access Bank led the day’s trading with 48.07 million shares worth N498.70 million. Sovereign Insurance traded 37.47 million valued at N8.62 million. NGX followed with 22.69 million shares valued at N567.09 million.

Fidelity Bank sold 21.02 million shares worth N60.50 million, while Transcorp traded 18.36 million valued at N21.41 million.