Domestic Stocks Recover 0.16% as Traders Mop Up Ardova, 31 Others

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded by 0.16 per cent on Thursday, though slightly below the 0.17 per cent it lost on Wednesday.

The growth posted by domestic stocks yesterday was buoyed by buying interest in Ardova, which plans to exit the bourse soon, informing the investing community of the court’s approval to convey a meeting of shareholders to discuss the purchase of shares of minority investors.

This is driving the demand in the shares of the energy company, and at the close of business, it was among the 32 price gainers. A total of 18 equities ended on the losers’ chart, indicating a negative market breadth and a strong investor sentiment.

Mutual Benefits appreciated by 10.00 per cent to 33 Kobo, NEM Insurance grew by 9.64 per cent to N4.55, CWG expanded by 9.09 per cent to N1.20, Ardova rose by 8.47 per cent to N19.85, and Prestige Assurance increased by 8.33 per cent to 39 Kobo.

However, Linkage Assurance lost 9.43 per cent to settle at 48 Kobo, McNichols fell by 8.86 per cent to 72 Kobo, Red Star Express depreciated by 8.73 per cent to N2.30, University Press declined by 8.29 per cent to N1.66, and Champion Breweries decreased by 7.62 per cent to N4.00.

Business Post reports that the insurance space grew by 2.08 per cent on Thursday, the energy sector closed higher by 0.78 per cent, the banking counter improved by 0.76 per cent, and the industrial goods space expanded by 0.02 per cent, while the consumer goods sector shrank by 0.29 per cent.

At the close of transactions, the All-Share Index (ASI) went up by 82.98 points to 52,290.75 points from 52,207.77 points, and the market capitalisation grew by N46 billion to N28.473 trillion from N28.427 trillion.

Investors exchanged 1.3 billion shares valued at N7.0 billion in 5,963 deals yesterday, in contrast to the 670.1 million shares valued at N5.0 billion transacted in the midweek session in 6,254 deals, representing a decline in the number of deals by 4.65 per cent, and an improvement in the trading volume and value by 89.55 per cent and 40.00 per cent apiece.

Transcorp sold 811.2 million equities worth N2.0 billion, Access Holdings traded 219.4 million stocks for N2.4 billion, Chams transacted 31.0 million shares valued at N10.1 million, Zenith Bank traded 24.9 million shares for N597.3 million, and Fidelity Bank exchanged 24.3 million equities worth N137.7 million.