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HomeBusinessNigeria bourse rebounds with N4 bln capital gain after 4-day losses

Nigeria bourse rebounds with N4 bln capital gain after 4-day losses

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By Ifeyinwa Ezeokoli 

Nigeria’s equity market rebound on Wednesday, bucking the trend in the past four consecutive day when transactions on the local bourse closed on positive note with market capitalisation increase by N4 billion.

The All Share Index (ASI) rose by 7.38 points or 0.02 percent to close at 47,163.94 compared with 47,156.56 posted on Tuesday.

Thus, the month-to-date and year-to-date returns were unchanged at -0.5 per cent and +10.4 per cent, respectively.

The market cap of equities listed on the NGX increased to N25.419 trillion from ₦25.415 trillion as on the previous close.

The total volume traded closed with an exchange of 267.481 million units valued at N3.22 billion traded in 4,099 deals. The market breadth was neutral with 16 gainers as against 16 losers..

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Chemical & Allied Products, Conoil, Lafarge Africa, United Capital and Learn Africa.

Analysts at GTI Securities Limited said “Bargain hunters returned to the market today after the stock market halted its four-day negative trend.

Investors regained appetite was focused on industrial, oil and gas, and banking stocks. We do not expect major swings in the market as we expect investors to continue trading cautiously pending significant changes in the economic conditions.”

CAP recorded the highest price gain of 10 per cent to close at N19.80 per share. 

Learn Africa  followed with 9.60 per cent to close at N2.52, while Champion Breweries rose by 9.09 per cent to close at N2.04 per share.

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Sterling Bank rose by 3.95 per cent to close at N1.58, while Conoil appreciated by 2.92 per cent to close at N24.70 per share. 

Conversely, FCMB Group led the losers’ chart by 8.72 per cent to close at N3.35 per share. 

Mutual Benefits Assurance followed with 7.41 per cent to close at 25k, while Associated Bus Company depreciated by 6.25 per cent  to close at 30k per share.

Pharma Deko Plc declined by 5.98 per cent to close at N1.73, while FTN Cocoa processors depreciated by 5.88 per cent to close at 32k per share.

Meanwhile, the total volume of trades declined by 11.86 per cent to 267.481 million units, valued at N3.216 billion, and exchanged in 4,099 deals.  

This was against a total of 303.48 million shares worth N3.90 billion in 4,616 deals achieved on Tuesday.

Transactions in the shares of Fidelity Bank  topped the activity chart with 68.82 million shares valued at N219.24 million. 

Access Bank followed with 38.64 million shares worth N384.12 million, while United Bank for Africa traded 30.91 million shares valued at N236.08 million.

 

Guaranty Trust Holding Company sold 23.95 million shares valued at N621.97 million, while Zenith Bank transacted 12.61 million shares worth N339.01 million.

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