The Nigerian stock market rebounded on Thursday by N78 billion due to buying interest in BUA Cement and Zenith Bank, halting three consecutive days bearish mood.
Specifically, the All-Share Index inched higher by 0.40 per cent to 37,954.35 against 37,804.46 achieved on Wednesday.
Accordingly, month-to-date and year-to-date losses moderated to 1.3 per cent and 5.8 per cent, respectively.
Similarly, the market capitalisation increased by N78 billion or 0.40 per cent to close at N19.781 trillion against N19.703 trillion posted on Wednesday.
The market upturn was driven by price appreciation in large and medium capitalised stocks, among which are BUA Cement, Nigerian Breweries, Guaranty Trust Bank Holding Company, Eterna and Zenith Bank.
Capital market analysts attributed the bullish sentiment to bargain-hunting by investors in depreciated stocks in all the major sectors except the insurance sector.
Consequently, market sentiment closed positive with 20 gainers, relative to 14 decliners.
Mutual Benefits Assurance and Portland Paints & Products dominated the gainers\u2019 chart in percentage terms with 10 per cent each to close at 44k and N2.64 per share, respectively…<\/p>\n\n\n\n