Japaul, GTCO, 14 Others Jumpstart Stock Market by 0.13%

By Dipo Olowookere

The domestic stock market rebounded by 0.13 per cent on Monday after going down for 11 straight sessions as a result of sustained profit-taking by investors.

The Nigerian Exchange (NGX) Limited was jumpstarted yesterday by Japaul, GTCO, FTN Cocoa and 13 other equities on the back of bargain-hunting activities by traders.

Japaul rose by 9.58 per cent to trade at N1.83, GTCO appreciated by 9.55 per cent to N36.70, FTN Cocoa grew by 8.76 per cent to N1.49, Universal Insurance expanded by 8.57 per cent to 38 Kobo, and RT Briscoe gained 8.47 per cent to trade at 64 Kobo.

On the flip side, The Initiates topped the losers’ chart of 19 members yesterday with a decline of 10.00 per cent to quote at N1.80, Prestige Assurance depreciated by 9.84 per cent to 55 Kobo, Omatek fell by 9.52 per cent to 76 Kobo, Vitafoam Nigeria crashed by 9.26 per cent to N17.15, and Learn Africa weakened by 9.09 per cent to N3.00.

Business Post reports that the growth recorded in the market on the first trading session of the week was fragile as a result of the weak investor sentiment and negative market breadth index.

The consumer goods index was down by 0.01 per cent, while the energy counter remained flat, with the banking, insurance and industrial goods sectors rising by 1.27 per cent, 0.46 per cent, and 0.06 per cent, respectively.

At the close of business, the All-Share Index (ASI) was up by 125.30 points to 99,665.05 points from 99,539.75 points, and the market capitalisation increased by N71 billion to N56.367 trillion from N56.296 trillion.

The activity chart was mixed on Monday as the value of traders decreased by 1.85 per cent, while the volume of transactions and the number of deals increased by 18.88 per cent and 15.76 per cent, respectively.

Investors bought and sold 306.6 million equities valued at N5.3 billion in 8,298 deals during the session compared with the 257.9 million equities worth N5.4 billion traded in 7,168 deals last Friday.