Market rebounds by 0.1% on modest gains

Trading activities on the Nigerian Stock Exchange witnessed a marginal trend reversal on Thursday, as transactions closed positive to end a twoday downward trend.The market capitalisation of the listed equities rose by N6bn or 0.1 per cent from N6.507tn on Wednesday to N6.512tn.Similarly, the NSEs All-Share Index increased by 19.18 basis points or 0.1 per cent to close at 20,521.31, from 20,502.13 points the previous day.The NSE-30 Index rose by 0.1 per cent or 0.57 basis points, from 914.60 points to close at 915.17 points, while the NSE Banking Index rose by 0.4 per cent or 1.11 basis points from 293.62 to 294.73 points.Analysts traced the development to the renewed bargain initiatives by investors towards the end of the trading session. The NSE Food/Beverages Index, however, fell by 0.4 per cent or 2.73 per cent to close at 620.49 basis points, while the insurance index fell to 152.10 points, down from 152.10 basis points.The banking sub-sector maintained its lead on the activity chart, with investors exchanging 200.12 million shares, worth N1.852bn in 1,923 transactions. Activities in the banking sub-sector accounted for 65 per cent of total turnover.Volume in the sub-sector was driven by trading in the shares of Guaranty Trust Bank Plc, First City Monument Bank Plc and United Bank for Africa Plc.A total of six banking stocks recorded price appreciation on Thursday, while six banking stocks also lost.NCR Plc recorded the highest price appreciation of the day, rising by 4.9 per cent or 38 kobo to close at N8.05 per share.Okomu Oil Palm Plc and Forte Oil Plc also gained 4.9 per cent each to close at N20.34 and N10.04 per share respectively.On the other hand, Oando Plc lost the highest, shedding five per cent or N1.37 to close at N26.09 per share.Wema Bank Plc lost 4.9 per cent or three kobo to close at three kobo per share.Eterna Plc lost 4.8 per cent or 22 kobo to close at N4.34 per share, while Transnational Incorporation Plc and Dangote Sugar Refinery Plc also shed 4.6 per cent each to close at N4.34 and 61 kobo per share respectively.In all, investors staked N2.62bn on 306.53 million shares, in 3,709 deals, compared to 298.16 million shares, worth N2.340bn traded the previous day, in 3,459 transactions.
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