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HomeBusinessNigeria's bourse rebounds as bargain hunters buy into banks, energy stocks

Nigeria’s bourse rebounds as bargain hunters buy into banks, energy stocks

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By Ifeyinwa Ezeokoli 

Bullish sentiments resurfaced in the domestic stock market on Tuesday due to bargain hunting in Tier-1 banks, Seplat and 15 other stocks with the index rebounding by 0.19 per cent at the close of trading on the Nigerian Exchange.

Precisely, the All-Share Index inched higher by 89.52 points representing an increase of 0.19 per cent  to close at 46,777.37 points against 46,687.85 points achieved on Monday.

The market cap of equities listed on the NGX increased to N25.218 trillion from N25.170 trillion as on the previous close.

The total volume traded closed with an exchange of 257.414 million units valued at N2.34 billion traded in 4,410 deals. However, the market breadth was negative with 18 gainers as against 20 losers.

The NGX 30 Index increased by 0.30 per cent to close at 1,782.29 points as against 1,776.88 points at the previous close. Market turnover closed with a traded volume of 143.10 million units.

Consequently, the month-to-date loss moderated to -0.4 per cent, while the year-to-date return increased to +9.5 per cent.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Seplat Energy, Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, UPDC Real Estate Investment Trust and Cutix.

Afrinvest Limited said that “In the next trading session, we expect bargain buying to support market performance.”

As measured by market breadth, market sentiment was negative with 20 losers against 18 gainers.

Meyer drove the gainers’ chart in percentage terms by 9.86 per cent to close at 86k per share.

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Regency Alliance Insurance followed with 7.14 per cent to close at 30k, while FTN Cocoa processors gained 6.45 per cent to close at 33k per share.

Cutix rose by 5.85 per cent to close at N2.17, while Caverton Offshore Support Group appreciated by 5.56 per cent to close at N1.33 per share.

On the other hand, NPF Microfinance Bank led the losers’ chart by 9.64 per cent to close at N2.25 per share.

Learn Africa followed with 9.14 per cent to close at N1.69, while Multiverse Mining and Exploration declined by 8.70 per cent to close at 21k per share.

R.T.Briscoe Nigeria shed 6.67 per cent to close at 56k, while NASCON Allied Industries (NASCON) by 5.43 per cent to close at N12.20 per share.

In all, the total volume of trades increased by 17.3 per cent to 257.41 million units valued at N2.34 billion exchanged in 4,410 deals.

This was in contrast with 219.49 million shares valued at N1.93 billion traded in 5,168 deals on Monday.

Transactions in the shares of Fidelity Bank topped the activity chart with 67.43 million shares valued at N230.58 million.

Transcorp followed with 40.89 million shares worth N41.39 million, while Wapic Insurance  traded 18.318 million shares valued at N7.37 million.

GTCO traded 15.274 million shares valued at N341.23 million, while Access holdings transacted 14.48 million shares worth N141.31 million.

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