Bargain Hunting in GTCO, Others Keep Market up by 0.05%

October 5, 2021
Bargain Hunting

By Dipo Olowookere

The local stock market maintained its positive momentum on Monday with a 0.05 per cent growth buoyed by bargain hunting in GTCO, Zenith Bank, Fidelity Bank and others.

Investors took a position in these equities ahead of the release of the third-quarter earnings later this month as they begin to notify the market of their forthcoming board meetings to consider the results.

This development helped the All-Share Index (ASI) rise yesterday by 21.88 points to 40,243.05 points from 40,221.17 points and lifted the market capitalisation by N14 billion to N20.970 trillion from N20.956 trillion.

Business Post reports that the total value of shares on the Nigerian Exchange (NGX) Limited rose during the session by 0.07 per cent as a result of the listing of additional shares of Jaiz Bank Plc worth N3.3 billion on the exchange. The stocks were from the private placement to Mr Mohammed Indimi.

During the trading day, a total of 202.4 million shares worth N1.9 billion were traded in 4,066 deals compared with the 1.1 billion shares worth N7.4 billion traded in 3,752 deals last Friday, showing that the trading volume and value went down by 80.67 per cent and 74.88 per cent respectively, while the number of deals rose by 8.37 per cent.

Fidelity Bank emerged as the most active stock with the sale of 19.0 million units worth N46.8 million and was trailed by GTCO, which traded 18.3 million units valued at N512.4 million.

FBN Holdings transacted 18.2 million equities worth N147.9 million, Universal Insurance traded 15.5 million stocks for N3.2 million, while Champion Breweries exchanged 14.2 million shares for N29.1 million.

The market breadth was positive on Monday with 14 price decliners and 23 price advancers led by Axa Mansard Insurance, which appreciated by 9.87 per cent to settle at N2.56.

Pharma Deko improved by 9.79 per cent to N2.58, University Press grew by 9.76 per cent to N1.35, Consolidated Hallmark Insurance rose by 8.77 per cent to 62 kobo, while Courtville gained 8.57 per cent to trade at 38 kobo.

Standing on top of the losers’ table at the close of transactions yesterday was Morison Industries with a price decline of 10.00 per cent to settle at N1.89.

Northern Nigerian Flour Mills depreciated by 9.94 per cent to N7.70, Veritas Kapital went down by 8.70 per cent to 21 kobo, Cornerstone Insurance reduced by 8.62 per cent to 53 kobo, while Jaiz Bank dropped 5.00 per cent to trade at 57 kobo.

In terms of the performances of the five key sectors of the market, the insurance space rose by 1.53 per cent, the consumer goods sector appreciated by 0.05 per cent, the banking counter rose by 0.01 per cent, while the energy and industrial goods sectors fell by 0.38 per cent and 0.02 per cent respectively.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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