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Stocks rebound, erase last week’s N114bn loss

Stocks on the Nigerian Stock Exchange rallied on Monday to lift the market capitalisation of the listed equities by N132bn or 1.29 per cent from N10.253tn to N10.385tn, erasing last week’s loss.

Across the five trading sessions of last week, investors lost N114bn as the market capitalisation fell from N10.367tn to N10.253tn.

The Nigerian Stock Exchange All-Share Index depreciated by 1.10 per cent to close on Friday at 29,834.21 basis points.

Like the market capitalisation, the NSE ASI rose by 1.29 per cent or 384.8 basis points on Monday to close at 30,219.01 basis points.

A review of the sectoral market indices showed that the NSE Industrial Index recorded by best performance, rising by 2.65 per cent from 2,115.87 basis points to 2,171.90 basis points.

The NSE Banking Index appreciated by 0.39 per cent from 315.32 basis points to 316.55 basis points, while the NSE Oild and Gas Index edged up by 0.26 per cent from 352.96 basis points to 353.88 basis points.

The NSE Consumer Goods Index, however, fell by 0.24 per cent from 766.89 basis points to 765.01 basis points, while the NSE Insurance Index inched lower by 0.09 per cent from 140.53 basis points to 140.40 basis points.

Investors traded 104.465 million shares worth N1.935bn in 2,930 deals with 18 stocks gaining and 20 losing.

Dangote Cement Plc was the biggest gainer, rising by 4.93 per cent or N7.94 to close at N168.95 per share.

Berger Paints and Products Nigeria Plc gained 4.92 per cent or 51 kobo to close at N10.87 per share, while Honeywell Flour Mills was up by 4.71 per cent or 12 kobo to close at N2.67 per share.

Trans-nationwide Express Plc led the losers, shedding 7.08 per cent or eight kobo to close at N1.05.

Ahead of the week, analysts at Vetiva Capital Management had said, “Although the equity market closed the past week on a positive note, we highlight that investor sentiment remained somewhat bearish across a number of other sectors including the weighty consumer goods and industrials.

“In light of this, we expect sideways trading will persist in the week ahead.”