The Nigerian equity market rebounded on Monday with a gain of N369bn as the All-Share Index rose by 0.56 per cent to close at 105,551.39 points, reversing the losses recorded in the previous week.

The total market capitalisation stood at N66.2tn, reflecting renewed investor confidence in the equity market.

This recovery reversed last week’s losses, with 127 equities participating in trading, resulting in 25 gainers and 22 losers.

Despite this gain, it recorded a one-week loss of 0.23 per cent, a four-week loss of 2.38 per cent, but an overall year-to-date gain of 2.55 per cent.

Royal Exchange led the gainers with a 10 per cent increase, closing at N0.88 per share. Livestock Feeds gained 9.87 per cent to close at N9.24, Abbey Mortgage Bank rose by 9.72 per cent to N3.95, while Universal Insurance appreciated by 9.62 per cent to N0.57.

On the losing side, Africa Prudential recorded the highest decline, shedding 53.64 per cent to close at N15.30 per share. NEM Insurance lost 9.63 per cent, closing at N12.20; United Capital dropped by 9.29 per cent to N16.60, while Computer Warehouse Group fell by 6.67 per cent to N8.40.

The market turnover improved, as a total of 440.5 million shares valued at N10.47bn were traded in 13,314 deals.

This represents an 11 per cent increase in volume, a 16 per cent rise in turnover, and a 32 per cent growth in the number of deals compared to the previous trading session. Zenith Bank recorded the highest volume with 55.1 million shares traded, followed by FCMB Group with 49.6 million shares, United Bank for Africa with 47.4 million shares, and Access Holdings with 37.2 million shares.

Other market indices also showed mixed performances. The Top 30 Index rose by 0.61 per cent, while the Banking Index gained 3.78 per cent. The Pension Index increased by 1.68 per cent, while the Premium Index appreciated by 0.89 per cent. The Oil and Gas Index saw a marginal increase of 0.39 per cent.

Culled from The Punch