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The value of equities at the Nigerian Stock Exchange (NSE) yesterday rebounded appreciably after negative performances.

The NSE market
capitalisation of the 194 First-Tier equities closed on Wednesday at
N8.077 trillion, after opening the day at N7.983 trillion, reflecting
1.18 per cent or N94 billion gains. The market had last week plunged to
N7.775 trillion due to low investors’ confidence, resulting in high
selling pressure.

Analysts at GTI
Capital, a stock broking firm, attributed the significant growth to
“the release of financial statements of some highly capitalised banks
which stimulated massive bids by investors on bank subsector,” adding
that the move has “created positive effects on the market in general.”

They said the
market should further rebound from its current position if other banks
start reporting positive financial results during this quarter.

Gainers increase

A total of 45
stocks appreciated in price on Wednesday, higher than the 43 recorded
the previous day, while 18 stocks depreciated in value higher than the
15 of Wednesday.

Associated Bus
Company and Vitafoam Nigeria topped the price gainers’ table with an
increase of 5 per cent each, to close at 63 kobo and N5.25 per share,
respectively. Dangote Flour and Stanbic IBTC Bank followed in the chart
with an increase of N4.98 each, to close at N17.48 and N9.27 per share.

On the flip side,
Evans Medical and C & I Leasing led on the price losers’ chart with
a loss of 5 per cent and 4.96 per cent respectively, to close at N1.14
and N1.34 per share. Costain West Africa and Avon Crowncaps followed
with a decrease of 4.94 and 4.92 per cent, to close at N5.96 and N6.57
per share.

Banks maintain lead

The Banking
subsector maintained its lead as the most active with 203.101 million
quantities of shares, valued at N1.665 billion. The subsector’s volume
was largely driven by shares of Unity Bank, Guaranty Trust Bank, First
Bank, and Access Bank.

Trading activities
in the Insurance subsector was second highest yesterday, with 18.394
million shares valued at N20.011 million. Volume in the subsector was
boosted by deals in shares of Unity Kapital Assurance, Continental
Reinsurance, and Custodian and Allied Insurance.

The Conglomerates
subsector was third with 13.903 million shares valued at N225.985
million. Transnational Corporation, PZ Cussons Nigeria, and Unilever
Nigeria boosted volume in the subsector yesterday.

Meanwhile, the Council of NSE recently promoted 26 members of staff
to a new level. Wole Tokede, spokesperson of the NSE, said, “The
promotion exercise shows that four senior managers were promoted to the
position of principal managers.”