NGX rebounds as capitalisation increases by N78 billion

The Nigerian Exchange Limited (NGX) halted three consecutive days of losses to close in an upbeat yesterday, as investors’ wealth increased by N78 billion.

At the close of trading yesterday, the All-Share Index (ASI) increased by 149.89 absolute points, representing a growth of 0.40 per cent to close at 37,954.35 points.

Similarly, the market capitalisation value gained N78 billion to close at N19.781 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Cement, Nigerian Breweries, Guaranty Trust Bank Holdings Company, Eterna and Zenith Bank.

Capital market analysts said that the bullish sentiment was due to investors’ bargain hunting in virtually all the sectors, except the Insurance sector.

Analysts at Vetiva Dealings and Brokerage said: “While the market was in a positive swing today, activity levels remained subdued. Thus, we expect the market to end the week on a mixed note, as investors continue to buy up beaten-down names and take profit on some counters.”

On the price movement chart, 20 stocks appreciated in price, while 14 others constituted the losers’ chart.

Mutual Benefits Assurance and Portland Paints & Products Nigeria emerged as the highest price gainer with 10 per cent each to close at 44 kobo and N2.64 kobo, while Learn Africa followed with a gain of 3.96 per cent to close at N1.05.

Eterna rose by 3.92 per cent to close at N7.95 kobo. Oando appreciated by 3.45 per cent to close at N3.00 kobo.

On the other hand, Juli Pharmacy led the losers’ chart by 9.56 per cent to close at N1.23 kobo, while AIICO Insurance followed with a decline of 7.41 per cent to close at N1.00 kobo.

Chams depreciated by 4.76 per cent to close at 20 kobo. Champion Breweries shed 2.44 per cent to close at N2.00 kobo. Honeywell Flour Mill depreciated by 2.08 per cent to close at N1.41 kobo.

However, the total volume of trades declined by 19.65 per cent to 167.407 million units, valued at N1.830 billion, and exchanged in 3,256 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 13.895 million shares valued at N330.124 million. Sovereign Trust Insurance followed with 12.745 million shares worth N3.431 million, while United Bank for Africa (UBA) traded 11.755 million shares valued at N84.650 million.

Mutual Benefits Assurance traded 10.955 million shares valued at N4.763 million, while FBN Holdings (FBNH) transacted 8.846 million shares worth N63.359 million.