Bulls rebound as gains in 18 stocks lift indices by N69 billion

The Nigerian Exchange Limited (NGX) yesterday, bounced back as a result of gains in Geregu and 17 stocks, as market capitalisation appreciated by N69 billion.
Nigerian Exchange Limited (NGX). Photo/FACEBOOK/ ngxgroup

Nigerian Exchange Limited (NGX). Photo/FACEBOOK/ ngxgroup
The Nigerian Exchange Limited (NGX) yesterday, bounced back as a result of gains in Geregu and 17 stocks, as market capitalisation appreciated by N69 billion.
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Besides, Geregu Power Plc has notified the Exchange and the investing public of the purchase of five per cent of its shares by the Fund for Export Development in Africa (FEDA).

FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank). The purchase of the shares was concluded on February 21, 2023 with the purchase agreed on December 21, 2022.

At the close of trading yesterday, the All Share Index (ASI) rose by 126.22 absolute points, representing a gain of 0.23 per cent to close at 54,315.53 points. Accordingly, investors gained N69 billion in value as market capitalisation rose to N29.589 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Geregu Power, Zenith Bank, Guaranty Trust Holding Company, Living Trust Mortgage Bank and John Holt.

Also, market breadth closed positive as 18 stocks posted gains while 11 declined. Geregu Power recorded the highest price gain of 10 per cent to close at N246.40, per share. John Holt followed with a gain of 9.59 per cent to close at N1.60, while Living Trust Mortgage Bank went up by 7.55 per cent to close at N2.85 kobo.
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University Press went up by 5.26 per cent to close at N2.00, while Veritas Kapital Assurance appreciated by 5.00 per cent to close at 21 kobo, per share. Transnational Corporation increased by 4.20 per cent to close at N1.24 kobo.

Caverton rose by 4.08 per cent to close at N1.02 kobo. International Energy Insurance garnered 3.45 per cent to close at N1.20 kobo. Academy Press gained 2.40 per cent to close at N1.28 kobo. First City Monument Bank also appreciated by 1.16 per cent to close at N4.35 kobo.

On the other hand, McNichols led the losers’ chart by 9.84 per cent to close at 55 kobo, per share. Wapic Insurance followed with a decline of 6.82 per cent to close at 41 kobo, while Royal Exchange went down by 6.67 to close at 70 kobo. Mutual Benefit Assurance lost 5.88 per cent to close at 32 kobo.

Chams shed 3.70 per cent to close at 26 kobo. Honeywell Flourmills depreciated by 3.20 per cent to close at 2.12 kobo.

Fidelity Bank dropped 1.57 per cent to close at N5.03 kobo. Jaiz Bank depreciated by 1.10 per cent to close at 90 kobo. Wema Bank lost 1.00 per cent to close at N3.96 kobo.

African Prudential also lost 81 per cent to close at N6.15 kobo. Mutual Benefits Assurance lost 5.88 per cent to close at 32 kobo, while Chams Holding Company shed 3.70 per cent to close at 26 kobo.

The total volume traded decreased by 48.98 per cent to 129.914 million shares, worth N3.923 billion, and traded in 2,678 deals. Transactions in the shares of AIICO Insurance topped the activity chart with 16.176 million shares valued at N9.623 million.

Zenith Bank followed with 13.001 million shares worth N326.134 million, while Guaranty Trust Holding Company (GTCO) traded 12.389 million shares valued at N310.969 million.

Transnational Corporation (Transcorp) traded 12.045 million shares valued at N14.642 million, while Courteville Business Solutions transacted 10.679 million shares worth N5.096 million.
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