Price gains by most blue-chip stocks, especially MRS and Vitafoam, aided a rebound on the Nigerian Exchange Limited (NGX) as market reopened in an upbeat yesterday, causing market capitalisation to rise by N94 billion.

At the close of trading yesterday, market capitalisation increased by N94 billion from N19.940 trillion recorded last week Friday to N20.034 trillion. Also, the All-Share Index (ASI) appreciated by 180.93 points or 0.4 per cent from 38,256.95 to 38,437.88.

Analysts at Vetiva Dealings and Brokerage said: “Despite the positive market close, sentiment in the market noticeably tilted to the bearish side as the ASI closed with more losers than gainers.

“Therefore, we anticipate a mixed session tomorrow, with a negative tilt amid weak activity levels and no discernible catalyst to drive market activity.”

United Capital Plc said: “We expect a short term rebound in the equities market as sell pressures dissipate, giving room for the bulls to regain temporary control of the market in a tight trading week.

“In addition, the ASI is technically oversold and is due for a temporary rebound. We also expect investor sell-offs and profit-taking in insurance stocks which rallied in the previous week.”

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Cement, MTN Nigeria Communications (MTNN), MRS Oil Nigeria, Vitafoam Nigeria and Julius Berger Nigeria.

On the price movement chart, 17 stocks appreciated in price while 24 others constituted the losers chart.

MRS emerged the day’s highest price gainer with 17.10 per cent to close at N12.60 kobo while Vitafoam followed with 8.91 per cent to close at N11.00 kobo. Chams appreciated by 5.00 per cent to close at N0.21 kobo, PZ Cussons added 3.77 per cent to close at N5.50 kobo. AIICO gained 3.45 per cent to close at N1.20 kobo. Custodian&Allied Insurance appreciated by 3.42 per cent to close at N6.05 kobo.

However, ROYALEX topped the losers chart with 9.88 per cent to close at N0.73 kobo. CHI followed with 9.59 per cent to close at N0.66 kobo. Neimeth lost 8.51 per cent to close at N1.72 kobo.

REGALIN was down by 8.16 per cent to close at N0.45 kobo. SOVRENINS depreciated by 6.90 per cent to close at N0.27 kobo. NPF Micro finance Bank declined by 6.70 per cent to close at N1.67 kobo. Cadbury shed 4.88 per cent to close at N7.80 KOBO.

The total volume of trades decreased by 11.73 per cent to 201.857 million units, valued at N2.120 billion, and exchanged in 3,827 deals. Transactions in the shares of Veritas Kapital Assurance topped the activity chart with 29.780 million shares valued at N5.956 million.

Fidelity Bank followed with 24.471 million shares worth N54.169 million, while Zenith Bank traded 20.927 million shares valued at N481.178 million.

Access Bank traded 15.401 million shares valued at N126.369 million, while FBN Holdings (FBNH) transacted 10.132 million shares worth N72.342 million.

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