Dollar to Naira News

Equity market rebounds with N25bn gain – Punch News

By Temitope Aina

The Nigerian Stock Exchange recovered from the previous day’s loss with a N25.72 billion gain on Tuesday, buoyed by appreciation in the shares of Cornerstone Insurance, Jaiz Bank, Wapic Insurance and 19 other stocks.

The market capitalisation and the All Share index rose by 0.05 per cent to close at N56.61tn and 100,067.77 points, respectively.

Bearish activity dominated the day’s trade with the exchange recording 22 gainers and 24 losers.

The top gainers on the chart were Cornerstone Insurance, Jaiz Bank, and Wapic Insurance which saw a 10 per cent, 9.95 per cent and 9.59 per cent increase to N2.09, N2.21 and N0.80, respectively.

Losers leading the chart were RT Briscoe, which lost 9.86 per cent to close at N0.64, Cutix Plc shed 6.82 per cent to close at N4.01 and C & I Leasing Plc dipped 6.25 per cent to N3.00.

Universal Insurance recorded the highest traded volume with 61.52 million traded shares, followed by AIICO Insurance with 31.72 million shares and United Bank for Africa with 25.85 million shares.

At the end of the trading, sectoral performance was negative as three of the five indices tracked closed southward; the NGX Consumer Goods, NGX Oil/Gas and NGX Industrial Goods indices fell by 0.34 per cent, 0.03 per cent, and 0.01 per cent, respectively. In contrast, the NGX Banking index increased by 0.79 per cent, driven by share price gains in major banks such as AccessCorp, Zenith, UBA and GTCO. Also, the NGX Insurance index recorded a 1.99 per cent gain.

Market activity was positive, with total volume and value rising by 33.11 per cent and 10.86 per cent amounting to 365.64 trades and N4.12bn, while the total number of deals crashed by 14.31 per cent, totalling 8,665 trades.

 On Monday, the equities market started the week and month on a bearish footing as the NGX-ASI fell 0.4 to 100,020.83 points following sell pressure on Zenith Bank, UBA, and Nigerian Breweries.

See Dollar to Naira black market today, Pound to Naira, Euro to Naira, Dollar to Naira CBN rate and Dollar to Naira Bank rate today.

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