Equities Gain N29bn Amid Portfolio Rebalancing

The Nigerian equities market staged a marginal rebound on Tuesday, as renewed buying interest in select heavyweight stocks lifted the market up by N29 billion.
The NGX All-Share Index by 0.02 per cent to close at 254,289.35 points, strengthening its year-to-date return to 63.41 per cent. Consequently, market capitalisation increased by N29 billion, closing at N165.11 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Transcorp Power, Stanbic IBTC Holdings, Zenith Bank, e-Tranzact International and International Breweries.
Looking ahead, Cowry Assets Management Limited said, “selective accumulation in fundamentally sound co...