Portland Paint, Mutual Benefit Lead Market Rebound

The Nigerian stock market rebounded on Thursday, rewarding investors with N78 billion at the end of a three-day losing streak.

Specifically, the All-Share Index inched higher by 0.40 percent to 37,954.35 against 37,804.46 achieved on Wednesday.

Accordingly, month-to-date and year-to-date losses moderated to 1.3 percent and 5.8 percent, respectively.

Similarly, the market capitalization increased by N78 billion or 0.40 percent to close at N19.781 trillion against N19.703 trillion posted on Wednesday.

The market upturn was driven by price appreciation in large and medium capitalized stocks, among which are BUA Cement, Nigerian Breweries, Guaranty Trust Bank Holding Company, Eterna, and Zenith Bank.

Capital market analysts attributed the bullish sentiment to bargain-hunting by investors in depreciated stocks in all the major sectors except the insurance sector.

Consequently, market sentiment closed positive with 20 gainers, relative to 14 decliners.

Mutual Benefits Assurance and Portland Paints & Products dominated the gainers’ chart in percentage terms with 10 percent each to close at 44k and N2.64 per share, respectively.

Learn Africa followed with a gain of 3.96 percent to close at N1.05 per share.

Eterna rose by 3.92 percent to close at N7.95, while Oando appreciated by 3.45 percent to close at N3 per share.

On the other hand, Juli Pharmacy led the losers’ chart in percentage chart by 9.56 percent to close at N1.23, per share.

AIICO Insurance followed with 7.41 percent to close at N1, while Chams depreciated by 4.76 percent to close at 20k per share.

Champion Breweries shed 2.44 percent to close at N2, while Honeywell Flour Mill depreciated by 2.08 percent to close at N1.41 per share.

However, the total volume of trades declined by 19.65 percent to 167.41 million shares valued at N1.83 billion exchanged in 3,256 deals.

This is against 208.36 million shares worth N1.60 billion traded in 3,365 deals on Wednesday.

Transactions in the shares of Zenith Bank topped the activity chart with 13.89 million shares valued at N330.12 million.

Sovereign Trust Insurance followed with 12.75 million shares worth N3.43 million, while United Bank for Africa traded 11.76 million shares valued at N84.65 million.

Mutual Benefits Assurance traded 10.96 million shares valued at N4.763 million, while FBN Holdings transacted 8.85 million shares worth N63.36 million.