Stock Market Index Rebounds by 0.83%, Amid Renewed Bullish Activity

By Our Correspondent

The Local Bourse Index Rebounds by 0.83 per cent amid Renewed Bullish Activity.

Following five consecutive days of losses, the bearish sentiment came to a halt as the local bourse All Share Index (ASI) rose by 0.83 per cent to end trading session for the week.

Also, the Exchange printed 14 gainers as against 13 losers.

The year to date loss of the NSE ASI moderated to 7.5 per cent.

Investors take advantage of the cheap share prices of large cap stocks such as Airtel Africa,  Nestle and Zenith Bank; hence their respective share prices increased by 9.97 per cent, 1.78 per cent and 0.31 per cent.

On the positive side, the NSE Banking, NSE Insurance and NSE Consumer Goods Index rose by 0.64 per cent, 0.04 per cent and 0.9 per cent respectively.

However, the NSE Oil/Gas and NSE Industrial declined by 0.45 per cent and 0.35 per cent respectively. Meanwhile, the value of stocks traded rose by 32.56 per cent to N2.15 billion as N870 million worth of GTBank shares exchanged hands.

Elsewhere, NIBOR declined for most tenor buckets amid renewed liquidity ease; however, NITTY rose for most maturities. In the OTC bonds market, the values of FGN bonds rose for most maturities tracked; also, FGN Eurobond rose for most maturities tracked.