The stock market rebounded on Tuesday as 26 stocks appreciated after recording a decline on Monday. The market had depreciated on Monday after seven consecutive days of price rally.
The bulls however returned on Tuesday, lifting the Nigerian Stock Exchange (NSE) All-Share Index to close higher at 30,736.88, while market capitalisation added N1.6 billion to close at N11.462 trillion.
Linkage Assurance Plc led the price gainers with 9.8 per cent, trailed by Redstar Express Plc with 9.0 per cent. Nigerian Aviation Handling Company Plc chalked up 8.3 per cent, just as Royal Exchange Plc and Oando Plc garnered 7.4 per cent and 6.8 per cent in that order.
Zenith Bank Plc was among the price gainers as investors take position for announcement of dividend for the year ended December 31, 2018. Zenith Bank went up 1.4 per cent to close at N21.80 per share yesterday. The bank on Monday said its board of directors had approved the audited financial results.
In a notification to the NSE, the Company Secretary-General and Counsel, Zenith Bank, Mr. Michael Otu, said that the results were approved on January 18.
“Consequent upon the approval, the said audited accounts will be forwarded to the Central Bank of Nigeria (CBN) for approval in line with regulatory requirements after which the bank will notify the exchange of the results,’’ Otu had said.
Conversely, 10 stocks dipped in value led by MCNichols Plc with 9.3 per cent, followed by Sovereign Trust Insurance Plc with 8.3 per cent. Cement Company of Northern Nigeria Plc shed 7.0 per cent, while WAPIC Insurance Plc went down by 4.7 per cent among others.
Meanwhile, activity level fell as volume and value traded declined by 51.0 per cent and 56.0 per cent to 245 million shares and N2.4 billion. In terms of volume, the most active stocks were Diamond Bank (71.6 million shares), Access Bank (27.0 million shares) and GTBank (27.0 million shares while the top traded stocks by value were GTBank(N848.0 million), Zenith Bank (N236.0 million) and Seplat (N193.8 million).
On a sectoral basis, performance was mixed with two sectors appreciating while three declined. The NSE Oil & Gas Index advanced the most, up 1.7 per cent. The NSE Banking Index followed with a rise of 0.8 per cent. On the flip side, the NSE Industrial Goods Index shed the most, down 2.5 per cent, while the NSE Consumer Goods Index and NSE Insurance Index shed ices 0.3 per cent and 0.4 per cent respectively.