Equities Market Rebounds, Gains N59b on Bargain Hunting

By Modupe Gbadeyanka

Transactions on the floor of the Nigerian Stock Exchange (NSE) returned to the green zone on Thursday after Wednesday’s scare.

Business Post reports that bargain hunting embarked upon by investors buoyed the gains recorded today by 0.26 percent, pushing the year-to-date return forward to 16.26 percent.

When market activities on the NSE closed on Thursday, the market capitalisation went up by N59 billion to settle at N15.955 trillion, while the All-Share Index (ASI) increased by 116.53 points to finish at 44,460.18 points.

However, the market breadth closed negative today with 22 price gainers and 34 price losers.

Dangote Cement emerged the biggest price gainer, adding N5 to its share value to close at N275 per share.

It was followed by Unilever, which increased by N2.25k to end at N46.75k per share, and CCNN, which advanced by 85k to finish at N18.60k per share.

Dangote Flour appreciated by 30k to settle at N16.80k per share, while Okomu Oil also went up by 30k to close at N72.40k per share.

On the flip side, International Breweries was the day’s heaviest price loser, going down by N2.90k to settle at N57.95k per share.

It was trailed by UAC of Nigeria, which depreciated by 70k to close at N17 per share, and Lafarge, which crashed by 45k to end at N54.50k per share.

Dangote Sugar declined by 40k to finish at N20.60k per share, while FBN Holdings fell by 35k to close at N13.60k per share.

Despite the gains of today, the volume and value of shares transacted by investors decreased by 3.27 percent 55.66 percent respectively.

A total of 630.6 million equities worth N3.4 billion were traded today in contrast to 651.9 million shares valued at N7.8 billion exchanged yesterday at the stock market.

The Financial Services sector led the activity chart with 468.3 million shares exchanged for N2.2 billion, while the Conglomerates industry followed with 107.9 million shares traded for N290 million.

Transcorp was the most active stock by volume, trading a total of 105.2 million units worth N244.8 million.

It was followed by Skye Bank, which sold 95.2 million shares valued at N139 million, and Diamond Bank, which transacted 77.3 million equities for N238.7 million.

Wapic traded 72.8 million shares for N54.7 million, while FCMB transacted 64.4 million equities worth N192 million.

Investors are upbeat that the market will end the week tomorrow positive as the bargain hunting is expected to continue tomorrow.