After five consecutive sessions of losses, Nigerian equities experienced a rebound with the overall capitalization surging by N41 billion due to investors showing interest in NASCON Allied Industries and 30 other companies.
The All-Share Index (ASI) increased by 75.16 points, representing a gain of 0.12 per cent, closing at 64,267.36 points. Additionally, the market capitalization rose to N34.973 trillion after the N41 billion gain.
This upswing was primarily driven by price appreciation in prominent and medium capitalised stocks such as BUA Foods, Dangote Sugar Refinery, Skyway Aviation Handling Company, Lafarge Africa, and Nigerian Breweries.
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Market breadth indicated a positive sentiment with 31 stocks gaining against 26 losers. Abbey Mortgage Bank, Chams Holding Company, and NASCON Allied Insurance emerged as the highest price gainers with an increase of 10 per cent each, closing at N1.21, 99 kobo, and N35.75 respectively, per share.
Skyway Aviation Handling Company followed closely with a gain of 9.96 per cent, closing at N28.15, while Dangote Sugar Refinery advanced by 9.93 per cent to close at N32.65 per share.
On the other hand, Thomas Wyatt Nigeria and The Initiates Plc (TIP) led the losers’ chart with a decline of 10 per cent each, closing at N1.30 and 72 kobo respectively, while University Press followed with a 9.78 per cent decrease, closing at N2.49 per share.
University Press also lost 9.76 per cent, closing at 37 kobo, while John Holt depreciated by 9.44 per cent, closing at N1.63 per share.
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The total volume of trades declined by 56.60 per cent to 330.784 million units, valued at N4.270 billion, exchanged in 6,251 deals.
Transnational Corporation (Transcorp) topped the activity with 58.829 million shares worth N209.187 million. FBN Holdings (FBNH) followed with a volume of 27.951 million shares valued at N502.760 million, while Ecobank Transnational Incorporated (ETI) traded 21.303 million shares valued at N330.246 million.
Access Holdings traded 20.697 million shares worth N341.784 million, while Chams Holding Company traded 16.964 million shares worth N16.135 million.