Domestic Bourse Rebounds by 0.03% on Renewed Bargain-Hunting

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded marginally by 0.03 per cent on Thursday following renewed bargain-hunting in financial stocks.

Investors cherry-pick equities trading at lower prices with prospects for price appreciation in the short and medium terms, especially GTCO and others.

This left the banking space to close higher by 1.06 per cent, with the insurance sector rising by 0.47 per cent, and the industrial goods index up by 0.04 per cent. However, the consumer goods sector depreciated by 0.54 per cent, and the energy counter closed flat.

At the close of business, the All-Share Index (ASI) increased by 31.75 points to 98,255.72 points from 98,223.97 points, and the market capitalisation expanded by N18 billion to N55.570 trillion from N55.552 trillion.

It was a busy day at the domestic bourse yesterday as the level of activity significantly soared, as reflected in the activity chart.

Traders transacted 676.4 million equities worth N16.7 billion in 8,415 deals compared with the 319.1 million equities worth N9.2 billion traded in 8,121 deals in the previous session, representing a surge in the trading volume, value, and number of deals by 111.97 per cent, 81.52 per cent, and 3.62 per cent, respectively.

Nigerian Breweries sat on top of the chart after selling 300.4 million stocks for N6.9 billion, UBA traded 131.0 million shares valued at N3.4 billion, GTCO exchanged 47.6 million equities worth N1.9 billion, Zenith Bank sold 34.0 million shares valued at N1.2 billion, and Transcorp traded 24.8 million stocks worth N315.5 million.

Business Post reports that despite the growth posted by Customs Street on Thursday, investor sentiment remained weak after 22 stocks finished on the gainers’ chart and 23 stocks ended on the losers’ table, indicating a negative market breadth index.

Learn Africa gained 10.00 per cent to settle at N3.30, Tantalizers rose by 7.69 per cent to 42 Kobo, Mutual Benefits appreciated by 5.45 per cent to 58 Kobo, GTCO improved by 5.26 per cent to N40.00, and Oando grew by 4.90 per cent to N10.70.

On the flip side, PZ Cussons lost 9.94 per cent to close at N30.80, Sovereign Trust Insurance declined by 9.52 per cent to 38 Kobo, Honeywell Flour retreated by 8.23 per cent to N3.01, Africa Prudential receded by 5.84 per cent to N6.45, and Jaiz Bank depreciated by 5.00 per cent to N2.28.