Equity market rebounds as investors gain N101bn

The Nigerian exchange shrugged off last week’s negative trading to gain N101bn on Monday.

The All-Share Index and the market capitalisation were up by 0.18 per cent to close at 102,042.32 points and N55.836tn, respectively.

Among the market movers was Access Holdings, whose Group Chief Executive Officer, Herbert Wigwe, died in a helicopter crash in the United States of America on Friday.

At the close of trading, Access Holdings dipped by 6.26 per cent to close at N23.20 per unit

This was followed by the shares of indigenous conglomerate, Transcorp Plc and Zenith Bank Plc.

The volume of traded equities was 242.43 million compared to the previous day’s volume of 321.89 million.

The value of stokes that exchanged hands was N5.12bn in 8,715 deals.

Market breadth, which is the measure of investors’ sentiment, was also turned positive as 33 equities gained while 23 lost.

The gainers’ chart was led by Chams Holdings, NCR and Royal Exchange, which gained 10 per cent each to close at N2.75, N4.40 and N0.07 per unit.

On the losers’ table were John Holt, whose share price dipped by 9.88 per cent to close at N2.19; PZ Cusson lost 9.87 per cent to close at N27.85 and May&Baker shed 9.80 per cent to N6.36.

On the sectoral front, performance stayed relatively positive as three of the five sub-indices closed in the green zone.

NGX Insurance, NGX Consumer Goods and NGX Oil/Gas indexes gained 2.30 per cent, 0.60 per cent and 0.15 per cent, respectively.

However, the Banking and Industrial Goods sectors lost 0.88 per cent and 0.07 per cent, respectively.

Access Holdings, VeritasKap and Guaranty Trust Holding Company Plc were the major drivers of the market’s volume and value.

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