Equities rebound as market capitalisation gains N180.6bn

The equities market of the Nigeria Exchange (NGX) at the close of trading yesterday halted a five-day bearish run which saw market capitalisation gain N180.6bn to N27.5tn.

The gain followed bargain hunting in Dangote Cement (+8.3 per cent), UBN (+4.6 per cent) and Oando (+5.1 per cent).

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The benchmark index rose 0.7 to 51,091.75 points, while year-to-date (YTD) return improved to 19.6 per cent (previously: 18.8 per cent).

However, market activity was mixed as volume traded fell 14.9 per cent to N167.0m units, while value traded rose 9.4 per cent to N2.7bn.

Market breadth closed negative at a 1.57-to-1 ratio, with declining issues outnumbering advancing ones. BUA foods (-10.00 per cent) topped 21 others on the laggards’ table, while livestock (+10.00 per cent) led 13 others on the leaders’ log.