Stock market rebounds, investors gain N414bn

The stock market on Friday closed the last trading day in May on a bullish note, with investor portfolios increased by N414 billion.

This is after a day downturn.

Renewed investors interest in stocks like Sovereign Trust Insurance, Zichis Agro Allied Industries, International Energy Insurance, Mc Nichols and Aradel as well as 25 other equities lifted the market.

The market capitalisation grew from N160.094 trillion to N160.508 trillion, recording a growth of 0.26 per cent.

Also, the All-Share Index advanced by 646.63 points or 0.26 per cent from an opening of 249,738.84 to 250,385.47.

This led the Year-to-Date return to an increase of 60.90 per cent

However, market breadth closed negatively, recording 34 losers against 30 gainers.

Leading the losers’ chart, Chemical and Allied Products, Premier Paints and Austinlaz declined by 10 per cent each, ending the session at N179.10, N33.75 and N3.96 per share respectively.

Livingtrust Mortgage Bank trailed by 9.89 per cent, finishing at N4.01 while John Holt dropped by 9.84 per cent, settling at N16.95 per share.

Conversely, Zichis Agro Allied Industries and Sovereign Trust Insurance led the gainers’ chart by 10 per cent each, closing at N33 and N2.75 per share.

International Energy Insurance followed by 9.98 per cent, settling at N4.52, Mc Nichols gained by 9.85 per cent, closing at N8.70 while Aradel climbed by 9.59 per cent, finishing at N1,933.80 per share.

Analysis of the market activity revealed an overall growth in the market deals, value and volume as 1.204 billion shares worth N43.43 billion were traded across 93,626 transactions.

This is compared to 564.07 million shares valued at N27.22 billion that was exchanged in 65,616 deals earlier on Tuesday.

Access Corporation recorded the highest trading volume with 133.28 million shares exchanged, representing 11.06 per cent of the day’s total volume.

Aradel posted the highest turnover at N4.96 billion, accounting for 11.41 per cent of the total value traded.
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