Buy Pressure on Champion Breweries, FBNH Lifts Market by 0.45%

By Dipo Olowookere

Nigerian stocks rebounded on Tuesday by 0.45 per cent on the back of buy pressure on Champion Breweries, FBN Holdings and 25 other equities.

The share price of Champion Breweries rose by 10.00 per cent to N2.53, with Cornerstone Insurance trailing with a growth of 9.80 per cent to settle at 56 kobo.

FBN Holdings appreciated by 9.79 per cent to N10.65, Sovereign Trust Insurance grew by 9.09 per cent to 24 kobo, while Livingtrust Mortgage Bank gained 8.96 per cent to settle at 73 kobo.

On the reverse side, a total of 13 shares depreciated in price on Tuesday with Consolidated Hallmark Insurance leading the pack after its value went down by 6.78 per cent to trade at 55 kobo.

Japaul lost 6.25 per cent to settle at 45 kobo, NEM Insurance depreciated by 3.81 per cent to trade at N2.02, Ikeja Hotel dropped 3.51 per cent to sell for N1.10, while Oando declined by 3.46 per cent to N5.02.

Business Post reports that apart from the energy sector which lost 0.71 per cent, every other major index finished strong with insurance rising by 1.02 per cent. The banking counter gained 1.00 per cent, the industrial goods space went up by 0.51 per cent, while the consumer goods index appreciated by 0.06 per cent.

When trading activities closed yesterday, the All-Share Index (ASI) jumped by 182.96 points to 40,896.96 points from 40,714.00 points, while the market capitalisation rose by N96 billion to N21.311 trillion from N21.215 trillion.

During the session, the number of deals went down by 3.23 per cent to 4,253 deals from 4,395 deals, the trading volume went up by 194.75 per cent to 563.9 million units from 191.3 million units, while the trading value increased by 96.72 per cent to N5.1 billion from N2.6 billion.

FBN Holdings was investors’ toast at the market yesterday, selling 317.3 million units valued at N3.3 billion and was followed by Champion Breweries, which traded 49.9 million units valued at N126.3 million.

Ecobank transacted 38.1 million shares worth N269.2 million, UBA exchanged 22.5 million stocks valued at N181.4 million, while Fidelity Bank transacted 16.6 million equities valued at N43.4 million.