NSE rebounds as bargain hunting pushes index by 0.1%

After few days of downturn, and the bulls upstaged the bears on the trading floor of the Nigerian Stock Exchange (NSE), occasioned by bargain hunting in  the bellwethers, as the All-share index increased marginally by  0.1 per cent.Yesterday, the All Share Index (ASI) gained 34.85 absolute points, representing a growth of 0.12 per cent to close at 29,193.42 points. Similarly, the market capitalisation gained N13 billion, to close at N10.965 trillion.
   
The improved performance was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Dangote Cement, Custodian, Zenith Bank, Fidson Healthcare, and Access Bank.Analysts at Afrinvest Limited, said: “Following yesterday’s positive performance, we do not rule out the possibility of bargain hunting in today’s trading session particularly on bellwether stocks with attractive entry prices. However, we maintain our bearish outlook for the week.”  
   
The market breadth closed positive, with 24 gainers versus 18 losers. Livestock Feeds recorded the highest price gain of 10 per cent to close at 55 kobo per share. Custodian Investment followed with a gain of 9.84 per cent to close at N6.70, while Learn Africa appreciated by 8.96 per cent to close at N1.46, per share. 

Trans Nationwide Express rose 8.70 per cent to close at 75 kobo, while NPF Microfinance Bank gained 8.09 per cent to close at N1.47, per share.  On the other hand, Cutix, and GlaxoSmithKline Consumer Nigeria led the losers’ chart with 10 per cent each, to close at N1.62 and N8.55, respectively, while PZ Cussons Nigeria followed with 9.69 per cent to close at N8.85, per share.
   
Ikeja Hotel declined 9.29 per cent to close at N2.05, and Royal Exchange shed 6.90 per cent to close at 27 kobo, per share. 
The total volume traded appreciated by 28.77 per cent to 481.63 million shares worth N2.88 billion, and traded in 3,559 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 174.55 million shares valued at N200.61 million. 
 
Union Bank of Nigeria (UBN) followed with 70.61 million shares worth N416.88 million, while Sterling bank traded 48.81 million shares valued at N126.9 million.Access Bank traded 37.56 million shares valued at N220.11 million, while Guaranty Trust Bank sold 22.89 million shares worth N758.51 million.