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Stock market rebounds as index appreciates by 0.2 per cent

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Nigerian Exchange Group (NGX)

The Nigerian equities market reversed losses to close in an upward note yesterday, as the All-Share Index appreciated by 0.2 per cent.

Specifically, the All-Share Index (ASI) grew by 68.01 absolute points, representing a rise of 0.2 per cent, to close at 39,252.19 points.

Similarly, the overall market capitalisation value gained N35 billion to close at N20.451 trillion.

The market’s positive performance was driven by price appreciation in large and medium capitalised stocks, which include, Dangote Cement, Julius Berger Nigeria, Access Bank, United Capital and United Bank for Africa (UBA).

However, the market breadth closed negative, recording 18 losers while 16 others depreciated in price.

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Analysts at Vetiva Dealings and Brokerage said: “The market witnessed increased demand in the Tier-1 banking names, especially in Access Bank, which was on the back of the impressive half year result and a 20 per cent increase in interim dividend (₦0.30/share).

“We expect this short-term enthusiasm to persist in companies that deliver better than expected results as investors take position.”

On the price movement chart, Chams topped the gainers’ chart with 4.76 per cent to close at 22 kobo. Prestige Assurance followed with a gain of 4.35 per cent to close at 48 kobo. Wema Bank appreciated by 3.66 per cent to close at 85 kobo.

AXA Mansard Insurance gained 3.49 per cent to close at 89 kobo while Julius Berger appreciated by 2.97 per cent to close at N26.00, per share.

On the other hand, Unity Bank led the losers’ chart by 8.62 per cent to close at 53 kobo. Oando followed with a decline of 7.03 per cent to close at N4.10 kobo while Union Bank of Nigeria (UBN) lost 6.54 per cent to close at N5.00 kobo.

FTN Cocoa Processors declined 5.77 per cent to close at 49 kobo while Honeywell Flour Mills shed 4.88 per cent to close at N3.90 kobo.

The total volume of trades improved by 54.84 per cent to 262.139 million units, valued at N1.999 billion, and exchanged in 3,955 deals.

Transactions in the shares of Access Bank topped the activity chart with 51.073 million shares valued at N471.191 million. Transnational Corporation of Nigeria (Transcorp) followed with 36.095 million shares worth N32.456 million, while Honeywell Flour Mills traded 18.635 million shares valued at N72.350 million.

Mutual Benefits Assurance traded 17.680 million shares valued at N5.242 million, while Sovereign Trust Insurance transacted 16.801 million shares worth N4.079 million.

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