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Nigerian stock market rebounds by N102bn on bargain hunting

The bulls returned on the Nigerian stock market on Tuesday with investors’ net worth appreciating by N102 billion on bargain hunting.

The bullish performance was due to investors’ buy interest in industrial goods, consumer goods and oil & gas sector stocks.

Specifically, the market capitalisation rose by N102 billion to close at N20.266 trillion from N20.164 trillion recorded on Monday.

Also, the All-Share Index increased by 195.30 points or 0.50 per cent to close at 38,881.70 against 38,686.40 recorded on Monday.

The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil, Dangote Cement, Flour Mills, Dangote Sugar and Unilever.

Okomu Oil dominated the gainers’ chart in percentage terms with 10 per cent to close at N106.15 per share.

Learn Africa followed with nine per cent to close at N1.09, while Champion Breweries rose by 4.71 per cent to close at N2 per share.

Unilever inched higher by 3.86 per cent to close at N12.10, while Cornerstone Insurance appreciated by 3.57 per cent to close at 58k per share.

Conversely, Computer Warehouse Group led the losers’ chart in percentage terms by 9.42 per cent to close at N1.25 per share.

Regency Alliance Insurance trailed with 8.16 per cent to close at 45k per share.

FTN Cocoa Processors and Veritas Kapital Assurance shed 7.69 per cent each to close at 36k and 24k per share, respectively.

Caverton Offshore Support Group depreciated by 5.26 per cent to close at N1.80 per share.

Also, the total volume of shares traded increased by 3.7 per cent to 218.52 million shares valued N1.59 billion exchanged in 3,630 deals.

This was against a total of 210.75 million shares worth N1.49 billion achieved in 3,958 deals on Monday.

Transactions in the shares of Courteville Business Solutions topped the activity chart with 35.82 million shares valued N7.25 million.

Fidelity Bank came second with 26.63 million shares worth N60.17 million, while Zenith Bank traded 15.25 million shares valued N349.32 million.

AXA Mansard Insurance sold 13.87 million shares worth N11.95 million, while Veritas Kapital Assurance transacted 12.82 million shares worth N3.36 million.

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