By FELIX OLOYEDE
The Nigerian equity market rebound on Tuesday underpinned on bargain hunting on Airtel Africa, Bua cement and Zenith Bank.
The All-share Index was up by 0.30 per cent to close at 24,097.48 points, while market capitalisation advanced ₦37.3 billion to berth at ₦12.6 trillion as the bourse performance for this improved to -10.2 per cent.
The top gainers were REDSTAREX (+9.8 per cent), WAPIC (+6.1 per cent) and C&I Leasing (+5.3 per cent) while Okomu Oil (-9.9 per cent), MRS (-9.8 per cent) and Unilever (-9.8 per cent) were the top decliners.
The volume and value of equities investors traded declined by 18.0 per cent and 7.1 per cent to 155.5million units and ₦2.6bn respectively.
The most active stocks by volume were GTBank (19.7m units), Access Bank (13.0m units) and MTNN (10.2m units), while MTNN (₦1.2bn), GTBank (₦413.8m) and Zenith Bank (₦129.8m) led by value.
The AFR-ICT was the top advancer, having gained 1.1 per cent to top gainers on the back of price appreciation in Airtel Africa (+3.7 per cent).
The Banking and Industrial Good indices also gained advanced 0.9 per cent and 0.1 per cent respectively following bargain hunting in Zenith Bank (+1.9 per cent), UBA (+2.5per cent) and Bua Cement (+2.5 per cent).
On the other hand, the Insurance index dipped by 1.9 per cent to top the laggards due to profit taking in Custodian (-9.1 per cent) and Mansard (-9.7 per cent).
Also, the Consumer Goods and Oil & Gas indices lost 0.5 per cent and 0.02 per cent respectively due to sell-offs in Unilever (-9.8 per cent), NASCON (-5.0 percent) and MRS (-9.8 percent).