The Nigerian stock market bounced back on Monday, wiping out three straight sessions of losses as investors regained N60 billion in value in a single day.
The Nigerian stock market bounced back on Monday, wiping out three straight sessions of losses as investors regained N60 billion in value in a single day.
Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N91.501 trillion, increased by N60 billion or 0.07 per cent to close at N91.561 trillion.
Similarly, the All-Share Index rose by 0.07 per cent or 94.27 points to close at 144,722.47, up from 144,628.20 reported on Friday.
The upward trend was driven by buying interests in key equities such as AIICO, UPDC, Cornerstone Insurance, Deap Capital, Custodian Investment and 38 other stocks.
Also, the market breadth closed positive with 43 gainers and 27 losers.
UPDC led the gainers’ table by 10 per cent, closing at N6.50 while AIICO Insurance also rose by 10 per cent, finishing at N3.80 per share.
Cornerstone Insurance grew by 9.99 per cent, settling at N6.91 and Deap Capital Management soared by 9.94 per cent, closing at N1.61 per share.
Custodian Investment gained by 9.93 per cent, ending the session at N37.25 per share.
On the flip side, Stanbic IBTC Holdings fell by 9.99 per cent, settling at N100 while PZ Cussons dropped by 7.89 per cent, finishing at N35 per share.
Nem Insurance dipped by 7.85 per cent, ending the session at N29.95 and CHAMS shed by 5.26 per cent, closing at N2.70 per share.
Similarly, The Initiates declined by 5.11 per cent, settling at N13 per share.
A total of 1.15 billion shares valued at N16.17 billion were traded across 38,160 transactions, as compared with 1.37 billion shares valued at N13.92 billion that was exchanged across 32,065 transactions earlier on Friday.
Meanwhile, Universal Insurance led the activity chart in volume with 202.25 million shares, valued at N265.8 million.
Champion Breweries followed with 103.23 million shares worth N1.16 billion while Linkage Assurance sold 77.89 million shares valued at N206.5 million.
Lasaco Assurance traded 66.41 million shares worth N263.82 million and Mutual Benefits Assurance transacted 57.8 million shares valued at N244.5 million.
