Stock market rebounds as investors gain N261bn

After two days of sustaining losses worth N963bn, the Nigerian Exchange Limited rebounded with a N261bn gain for investors.

From 53,124.63, the All-Share Index appreciated 479.17 base points to 53, 603.8. Similarly, the market capitalisation moved to N29.201tn.

At the end of trading on Wednesday, the year-to-date returns had settled at 3.89 per cent.

A total of 236.066 million shares valued at N3.258bn were traded on the floor of the NGX in 3,906 deals.

Investors sentiment stayed positive for the second consecutive day, sending 22 stocks to the gainers’ table compared to 12 equities on the losers’ table.

The gainers’ table was led by Oando, Caverton and Ikeja Hotel with 9.84 per cent, 8.08 per cent and 7.77 per cent increases in their share value to close trading at N4.91, N1.07 and N1.11 respectively.

On the losers’ table, May&Baker led with 8.70 per cent depreciation in its share value to close at N4.20. Consolidated Hallmark Insurance Plc followed with a percentage loss of 8.06 to end the day priced at N0.57 and RT Briscoe, whose share lost 7.69 per cent and closed the market at N0.24.

On the Most Traded tab, Zenith Bank led with 27.086 million of its shares valued at N696.20bn traded in 610 deals. Zenith Bank released its 2022 financial report on Tuesday and reported that it grew its gross earnings by 24 per cent from N765.6n as of the end of the 2021 financial period to N945.5bn in the corresponding period of 2022.

GTCO was the second most traded stock with 22.071 million shares worth N551.45m exchanged in 365 trades. Transcorp Plc followed with 91.391 million shares worth N134.23m, traded in 264 deals.

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