Local Bourse Rebounds by 0.37% on Renewed Bargain-Hunting

By Dipo Olowookere

A 0.37 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Thursday on the back of a renewed bargain-hunting by investors.

The rebound was mainly influenced by fresh confidence traders have in the local bourse, particularly some stocks with prospect of price appreciation currently selling at lower value.

Business Post observed that Customs Street ended in the green territory despite profit-taking in the banking space, which led its 0.38 per cent downfall at the close of business.

However, the comeback was recorded after the insurance sector gained 1.84 per cent, the energy space rose by 1.77 per cent, the industrial goods index expanded by 0.02 per cent and the consumer goods counter improved by 0.01 per cent.

Consequently, the All-Share Index (ASI) jumped by 367.62 points to 96,924.86 points from 96,567.24 points and the market capitalisation increased by N217 billion to N58.732 trillion from N58.515 trillion.

Unlike the previous trading day, investor sentiment was bullish after the NGX ended with 32 price gainers and 17 price losers, indicating a positive market breadth index.

Conoil and Aradel Holdings gained 10.00 per cent each yesterday to settle at N236.50, and N441.20, respectively, as Eunisell appreciated by 9.92 per cent to N8.20, John Holt expanded by 9.77 per cent to N4.38, and Thomas Wyatt leapt by 9.71 per cent to N1.92.

On the flip side, Tantalizers declined by 6.25 per cent to 60 Kobo, NGX Group shed 5.81 per cent to N23.50, Wema Bank slumped by 5.63 per cent to N7.55, RT Briscoe dwindled by 4.46 per cent to N3.00, and FCMB tumbled by 3.59 per cent to N9.40.

The level of activity improved on Thursday, with the trading volume, value and number of deals increasing by 77.94 per cent, 65.00 per cent, and 7.53 per cent, respectively.

A total of 744.5 million stocks valued at N16.5 billion exchanged hands in 9,700 deals compared with the 418.4 million stocks worth N10.0 billion traded in 9,021 deals at midweek.

The busiest equity at the market yesterday was Consolidated Hallmark with 124.8 million units valued at N245.8 million, Japaul traded 105.9 million units worth N224.1 million, Ellah Lakes sold 92.0 million units for N327.6 million, FBN Holdings transacted 70.6 million units valued at N1.9 billion, and Oando exchanged 57.2 million units worth N3.6 billion.