After recording significant decline for two days this week, the major indicators of the Nigerian Stock Exchange recorded a rebound on Friday.
At the close of trading activities, the NSE’s All-Share Index rose by 1.8 per cent or 506.42 basis points, from 28,695.59 to 29,202.01 points.
Similarly, the market capitalisation of the listed equities increased by 1.8 per cent or N168bn to N9.339tn up from N9.171tn recorded the preceding day.
The NSE-30 Index and Food/Beverages Index rose by 1.8 per cent and 1.7 per cent to close at 1,391.68 and 862.33 basis points, respectively.
All other market indices also recorded significant appreciation with the NSE Banking Index recording the highest appreciation for the day, rising by 2.9 per cent or 10.73 basis points to close at 374.74 basis points.
Market analysts traced the development to the fact that investors had been taking position ahead of expected full year results of companies to be released soon.
Sterling Bank Pl recorded the highest price appreciation of the day, rising by 9.14 per cent or 18 kobo to close at N2.15 per share.
Eterna Oil and Gas Plc gained 4.9 per cent or 16 kobo to close at N3.46 per share.
Custodian Insurance Plc and Fidelity Bank Plc rose by 9.03 per cent and 6.76 per cent, to close at N1.57 and N3 per share, respectively.
Aiico Insurance Plc and Dangote Sugar Refinery Plc also gained 5.7 and 5.5 per cent to close at 74 kobo and N6.90 per share respectively.
John Holt Plc, on the other hand, lost the highest price for the day, shedding 4.9 per cent to close at N2.92 per share.
UTC Plc also lost 4.6 per cent or four kobo to close at 83 kobo per share.
First City Monument Bank Plc and Ikeja Hotel Plc lost 4.5 per cent and 4.1 per cent to close at N4.67 and 93 kobo per share.
The banking sub-sector maintained its lead on the activity chart, accounting for 55 per cent of total volume traded.
In the sub-sector, 168.74 million shares, worth N1.635bn were exchanged by investors in 2,537 deals.
Turnover in the sub-sector was largely driven by trading in the shares of Zenith Bank Plc.
Other companies that drove volume in the sub-sector included UBA Plc, Sterling Bank Plc and Fidelity Bank Plc.