Stock market rebounds N111bn — after nine-day losing streak

Activities on the Nigerian Exchange Limited (NGX), the nation’s equities market, rebounded on Friday — first time after nine days of persistent downward trend.

The market capitalisation lost a total of N146 billion between Monday and Thursday when the stock market was bearish, however, rebounded by N111 billion (0.56 percent) on Friday to close at N19.940 trillion against N19.829 trillion posted on Thursday.

Also, the all-share index (ASI), a barometre used to measure the overall performance of listed stocks, opened at 38,044.58 increased 0.56 percent to close at 38,256.99.

The volume of shares traded advanced to 228.67 million units worth N3.67 billion transacted in 3,318 deals.

This is against the 214.17 million shares valued at N1.34 billion traded in 3,565 deals on Thursday.

Guaranty Trust Bank drove the activity level, trading 46.33 million shares valued at N1.29 billion; followed by Zenith Bank with an account of 20.24 million shares worth N465.49 million, while Transcorp traded 20.16 million shares valued at N17.85 million.

Also, Fidelity Bank sold 17.54 million shares worth N39.27 million, while Mutual Benefits Assurance exchanged 12.91 million shares valued at N6.04 million.

On the trading floor for the week, 31 stocks recorded price growth in contrast with 14 laggards.

The top five gainers were Ikeja Hotel (10 percent), Royal Express (9.46 percent), and Neimeth International Pharmaceutical (9.30 percent), Japaul Gold (9.26 percent, and Mutual Benefits (9.09 percent).

On the flip side, Academy Press (-8.33 percent), Lasaco Insurance (-7.69 percent) JohnHolt (-7.35 percent), Presco (-3.80 percent, and BUA Cement (-3.03 percent) led top five losers.