Investors gain N219bn as equity market rebounds

The equity market rebounded on Friday with a N219 billion gain, closing the week’s trading sessions on a positive note in spite of the nationwide protests.

The major drivers of the market’s positive performance included Zenith Bank, Access Corporation, Fidelity Bank, Transnational Corporation, United Capital, and Oando, among other stocks.

Specifically, the market capitalisation of listed equities, which opened at N55.278 trillion, increased by 0.40 percent, or N219 billion, to close at N55.497 trillion.

The All-Share Index added 0.40 percent, or 386 points, closing at 97,745.73, compared to 97,359.76 posted on Thursday.

As a result, the year-to-Date (YTD) returns advanced by 35.63 percent.

Similarly, market breadth closed positively with 36 gainers and 10 losers on the floor of the Exchange.

On the gainers’ table, May and Baker, Oando, Oando and Okumu Oil led by 10 per cent each to close at N7.04, N25.30 and N321.20 per share, respectively.

Total followed closely by 9.98 percent to close at N427.70, and United Capital rose by 9.95 percent to close at N12.15 per share.

On the other hand, Mecure led the losers’ table by 9.82 percent to close at N7.35, ABC Transport trailed by 70k, and Sovereign Trust Insurance lost 9.09 percent to close at 50k per share.

Sunu Assurances shed 8.16 percent to close at N1.35, and UPDC Real Estate Investment Trust depreciated by 6.92 percent to close at N1.21 per share.

However, trading activities reflected a downward trend as the total value of shares traded decreased by 53.68 percent.

A total of 210.91 million shares valued at N3.95 billion exchanged hands in 6,603 deals, in contrast to 565.12 million shares valued at N8.53 billion exchanged in 6,821 deals recorded previously.

Meanwhile, United Bank for Africa (UBA) led the activity table in volume and value with 37.64 million shares valued at N752.02 million, followed by Japaul Gold Group with 17.18 million shares worth N30.18 million.

Oando Plc sold 14.88 million shares worth N371.03 million; Zenith Bank transacted 13.76 million shares valued at N489.98 million; and Veritas Kapital sold 11.69 million shares worth N11.68 million.