After days of losses, Nigerian stock market rebounds by 0.78%

The gain was driven by price appreciation in large and medium capitalised stocks.

News Agency of Nigeria • February 11, 2021

NSE building used to illustrate the story (Photo Credit: Bloomberg Quint)

After days of persistent bearish trend, transactions on the nation’s bourse rebounded on Thursday by 0.78 percent.

Specifically, the All-Share Index rose by 318.29 points or 0.78 percent to close at 41,014.30 compared with 40,696.01 posted on Wednesday.

Also, the market capitalisation, which opened at N21.289 trillion inched higher by N167 billion or 0.78 percent to close at N21.456 trillion.

The gain was driven by price appreciation in large and medium capitalised stocks amongst which are: Dangote Cement, Mutual Benefits Assurance, Sovereign Trust Insurance, Vitafoam and Unilever.

Dangote Cement dominated the gainers’ chart in percentage terms, gaining 7.04 percent to close at N228 per share.

Mutual Benefits Assurance followed with 5.41 percent to close at 39k, while Sovereign Trust Insurance appreciated by 3.70 percent to close at 28k per share.

Vitafoam rose by 3.33 percent to close at N9.30, while Unilever appreciated by 2.57 percent to close at N13.95 per share.

On the other hand, Linkage Assurance and Livestock Feeds led the losers’ chart in percentage terms, losing 10 percent each to close at 54k and N2.25 per share, respectively.

Nigerian Aviation Handling Company dipped 9.96 percent to close at N2.08,p per share.

Northern Nigeria Flour Mills lost 9.88 percent to close at N7.02, while Portland Paints & Products shed 9.84 percent to close at N2.84 per share.

Also, the total volume of shares traded rose by 247.4 per cent as investors bought and sold 1.27 billion shares worth N6.39 billion in 6,573 deals.

This was against 366.86 million shares valued at N5.84 billion achieved in 5,718 deals on Wednesday.

Transactions in the shares of LivingTrust Mortgage Bank, formerly Omoluabi Mortgage Bank, topped the activity chart with 796.45 million shares worth N493.80 million.

Transcorp followed with 55.75 million shares valued at N50.54 million, while FBN Holdings traded 51.94 million shares worth N364.51 million.

United Bank for Africa accounted for 48.78 million shares valued at N380.21 million, while Zenith Bank transacted 37.11 million shares worth N885.3 million.

(NAN)