Equities investors earn over $429mln as Nigerian Exchange rebounds by 0.7%

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Equities trading at the Nigerian Exchange Limited (NGX) snapped out of the red zone after five consecutive sessions of losses.

The local bourse All-Share index (ASI) rebounded by 0.66 per cent to close at 51,091.75 basis points at the end of trading activities on Tuesday.

Recovery in Dangote Cement, as well as buying interest in United Bank of Nigeria, Oando and Seplat Energy drove the market’s strong recovery.

As a result, the ASI’s Year-to-Date (YTD) return increased to 19.61 per cent, while the market capitalisation settled at N27.54 trillion. Thus, investors earned N180.61 billion.

Market breadth however closed negative with declining issues outnumbering advancing ones. On the performance board, BUA Foods topped 21 others on the laggard’s table having depreciated in value by ten per cent, while Livestock led 13 others on the leader’s log after its share price appreciated by ten per cent.

Amid the bullish mood, three of the five sub-sector indices tracked closed green, especially the NGX Industrial index which rose by 3.96 per cent, largely to the appreciation of Dangote Cement’s share price. Also, the NGX Banking index and the NGX Oil/Gas index increased by 0.38 per cent and 0.68 per cent respectively. The NGX Insurance index and the NGX Consumer Goods index closed in red by 0.06 per cent and 0.11 per cent respectively.

Analysis of market activities on Tuesday showed trade turnover settled lower relative to the previous session, with the value of transactions decreasing by 10.86 per cent. A total of 166.97 million shares valued at N2.74 billion were exchanged in 4,398 deals.

Transcorp led the volume with 19.34 million units while Seplat Energy led the value chart in deals worth N556.03 million.