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Stock market rebounds on bellwethers gains

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Brokers on the floor of Nigerian Stock Exchange in Lagos.

The Nigerian stock Exchange (NSE), yesterday, reversed the three consecutive days losses, occasioned by price gains recorded by most highly capitalised stocks, as market capitalisation appreciated by N62 billion.
 
In summary, the All Share Index (ASI) gained 140.35 absolute points, representing a gain of 0.47 per cent to close at 29,749.35 points. Similarly, market capitalisation gained N62 billion, to close at N13.110 trillion.
 
The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which were; Nestle Nigeria, Seplat Petroleum, International Breweries, Cement Company of Northern Nigeria (CCNN), and Dangote Cement.
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The Chief Research Officer, Investdata Consulting Limited, Ambrose Omodion, said: “We expect mixed performance as the quarter ends. Window dressing by fund managers and portfolio repositioning and balancing for month end, and the Q2 earnings reporting season will reverse the trend.

“Bargain hunters are likely to hit the market any moment from now, while discerning investors are taking advantage of low valuation to position ahead of March year-end numbers, and second half interim dividend stocks.”
   
Analysts at Cordros Capital, said: “Our outlook for equities in the short to medium term re-mains conservative, amidst absence of a positive catalyst.”
 
Market breadth was positive, with 26 gainers versus 18 losers. CCNN recorded the highest price gain of 10 per cent to close at N13.20 per share. BOC Gases Nigeria followed with 9.84 per cent to close at N4.13, while International Breweries rose 9.58 per cent to close at N18.30, per share.

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Courteville Business Solutions gained 8.70 per cent to close at 25 kobo, while Consolidated Hallmark Insurance appreciated 8.33 per cent to close at 26 kobo, per share. 
 
On the other hand, Forte Oil led the losers’ chart with 9.87 per cent to close at N27.40 per share. Berger Paints followed with 9.79 per cent to close at N6.45, while Nigerian Breweries shed 7.26 per cent to close at N57.50, per share.

Sterling Bank fell 6.38 per cent to close at N2.20, and Transnational Corporation of Nigeria (Transcorp) lost 4.39 per cent to close at N1.09, per share.

However, total volume traded dropped 23.57 per cent to 301.18 million shares worth N5.03 billion, traded in 4,187 deals. Transactions in the shares of Transcorp topped the activity chart with 45.97 million shares valued at N48.91 million. 
 
Guaranty Trust Bank followed with 31.9 million shares worth N978.97 million, while Access Bank traded 31.76 million shares at N210.19 million.

FBN Holdings traded 28.73 million shares valued at N193.08 million, while Zenith Bank sold 23.34 million shares worth N464.80 million.


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