Local equities rebounded on resumed bargain hunting activities yesterday as overall performance measures, NSE All Share Index (ASI), grew by 0.39 per cent, halting five days losing streak.
The stock market had tumbled for the five days as investors retreated following sell offs and low market sentiments.
The bullish activities were driven by consumer goods and financial services stocks which were highly sought after.
At the close of business, 19 stocks appreciated while 13 others declined.
Consequently, the All-Share Index gained 105.95 basis points or 0.39 per cent to close at 27,153.53 basis points as against 27,047.58 recorded the previous day while the market capitalisation of equities appreciated by N51 billion to close at N13.209 trillion from N13.158 trillion as market sentiment returned on green zone.
Meanwhile, a turnover of 211.5 million shares exchanged in 4,365 deals was recorded in the day’s trading.
The premium sub-sector was the most active (measured by turnover volume); with 60.7 million shares exchanged by investors in 1,274 deals.
Volume in the sub-sector was largely driven by activities in the shares of Access Bank Plc and UBA Plc.
The banking sub-sector, boosted by activities in the shares of GTB Plc and Sterling Bank Plc, followed with a turnover of 45 million shares in 1,712 deals.
Further analysis of the day’s trading showed that May and Baker Plc topped the day’s gainers’ table with 10.00 per cent to close at N2.09 per share while Union Dicon Plc followed with 8.70 per cent to close at 25 kobo per share. UAC-Property Plc added 5.93 per cent to close at N1.25 per share.
On the flip side, Chams Plc and Livestock Feeds Nigeria Plc led the losers with a drop of7.69 per cent each to close at 24 kobo and 36 kobo per share respectively while Linkage Assurance Plc shed 5.77 per cent to close at 49 kobo per share. AIICO Insurance Plc plunged by 4.69 per cent to close at 61 kobo per share.