Stock market recovers, gains N184bn

stock market
stock market

The stock market rebounded on Wednesday as the market cap rose N184 billion or 0.71 percent to close N25.959 trillion compared to N25.775 trillion on Tuesday.

The All-Share Index (ASI) was also up 337.07 points, or 0.71 percent, to 47,660.04 from 47,322.97 released in the previous session.

The main drivers of the rebound were gains in shares in Zenith Bank, Guaranty Trust Holding Company and MTN Nigeria.

As a result, the YTD yield increased to 11.57 percent.

Market breadth closed positive as 18 stocks were on the winners table and four on the losers table.

Wema Bank topped the chart of gainers by 10 percent to close at N3.30 per share.

Nigeria’s UAC followed, up 9.95 percent to close at N10.50, while Academy Press grew 9.45 percent to close at N1. 39 per share.

United Capital gained 8.10 percent to close at N13.35 per share. ABC Transport gained eight percent to close at 27,000 a share.

On the other hand, Royal Exchange Assurance topped the laggard, falling 10 percent to close at 63,000 a share.

Red Star Express followed, down 79.25 percent to close at N2.06, while Prestige Assurance was down 8.51 percent to close at 43,000.

Nigerian brewers also depreciated 7.08 percent to close at N42 per share. RTBriscoe fell 6.90 percent to close at 27,000 a share.

Analysis of market activity showed that trading turnovers were settled…

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