Equities’ rebound lifts indices by N43 billion

Following gains recorded by BUA Cement and nine other stocks, the Nigerian Exchange Limited (NGX) rebounded yesterday, causing market capitalisation to inch up by N43 billion.

In summary, the All-Share Index (ASI) grew by 80.03 absolute points, representing a rise of 0.16 per cent, to close at 49,709.46 points. Similarly, the overall market capitalisation value gained N43 billion to close at N26.812 trillion.

The market’s positive performance was driven by price appreciation in large and medium-capitalised stocks which are; BUA Cement, Flour Mills of Nigeria, Union Bank of Nigeria (UBN), Cutix and Zenith Bank.

On market outlook, GTI Securities Limited said “domestic market closes positive as investors continue to react to companies’ first half (H1) performances. We expect mixed sentiments to continue in the course of the week.”

Vetiva Dealings and Brokerage said: “Market sentiments stay bearish with green close in some heavyweights lifting performance, while banking names dominate activity chart. We expect these trends to filter into tomorrow’s session.”

However, market breadth closed negative as 22 stocks lost relative to 10 gainers. Cutix recorded the highest price gain of 7.50 per cent to close at N2.15, per share. Lasaco Assurance followed with a gain of 5.88 per cent to close at N1.08 and Union Bank of Nigeria (UBN) went up 3.45 per cent to close at N6.00, per share.

Academy Press was up by 2.97 per cent to close at N2.08, while BUA Cement appreciated by 2.63 per cent to close at N54.60, per share. LearnAfrica added 2.27 per cent to close at N2.25 kobo while Multiverse appreciated by 2.22 per cent to close at N2.30 kobo. Flourmills garnered 1.16 per cent to close at N30.65 kobo. Livestock added 78 per cent to close at N1.29 kobo. Zenith Bank also gained 46 per cent to close at N21.80 kobo.

On the other hand, UPDC Real Estate Investment Trust (UPDCREIT) led the losers’ chart by 9.86 per cent to close at N3.20, per share. PZ Cussons Nigeria followed with a decline of 9.27 per cent to close at N9.30, while Courteville Business Solutions lost 8.93 per cent to close at 51 kobo, per share.

Japaul Gold and Ventures declined 8.11 per cent to close at 34 kobo, while Wapic Insurance shed 6.82 per cent to close at 41 kobo, per share. Eterna depreciated by 4.76 per cent to close at N7. Unity Bank lost 4.44 per cent to close at 43 kobo. Jaiz Bank declined by 3.41 per cent to close at 85 kobo. Cadbury shed 3.25 per cent to close at N14.90 kobo. FTN Cocoa also dropped 3.23 per cent to close at 30 kobo.

The total volume traded decreased by 3.2 per cent to 204.163 million units, valued at N1.640 billion, and exchanged in 3,643 deals. Transactions in the shares of FBN Holdings topped the activity chart with 36.833 million shares valued at N396.177 million. eTranzact International followed with 30.001 million shares worth N68.403 million, while United Bank for Africa (UBA) traded 20.528 million shares valued at N143.681 million.

Access Holdings traded 20.098 million shares valued at N171.497 million, while Eterna transacted 12.315 million shares worth N86.126 million.