Local Stock Exchange Rebounds by 0.70% Amid Weak Sentiments

By Dipo Olowookere

The bearish outcome witnessed on the trading floor of the Nigerian Exchange (NGX) Limited on Thursday was upturned on Friday with a 0.70 per cent growth.

The local stock exchange rebounded yesterday amid weak investor sentiment as the market breadth finished negative with 18 price losers and 16 price gainers led by NPF Microfinance Bank, which gained 9.55 per cent to close at N1.72.

Neimeth appreciated by 8.39 per cent to finish at N1.55, Eterna improved by 5.57 per cent to N7.20, NGX Group expanded by 5.39 per cent to N25.40, and Coronation Insurance went up by 4.88 per cent to 43 Kobo.

During the session, PZ Cussons lost 9.09 per cent to trade at N11.00, Consolidated Hallmark Insurance fell by 7.69 per cent to 60 Kobo, FTN Cocoa dropped 6.67 per cent to 28 Kobo, Champion Breweries dwindled by 5.31 per cent to N4.64, and Academy Press depreciated by 5.30 per cent to N1.25.

The positive outcome of yesterday was helped by renewed bargain-hunting in the banking, industrial goods and insurance sectors, which closed higher by 0.23 per cent, 0.19 per cent, and 0.17 per cent, respectively.

The trio offset the 0.68 per cent loss posted by the consumer goods space and the marginal 0.01 per cent decline suffered by the energy counter.

As a result, the All-Share Index (ASI) increased by 353.82 points to 51,222.34 points from 50,868.52 points, as the market capitalisation expanded by N192 billion to N27.899 trillion from N27.707 trillion.

Yesterday, traders exchanged 195.7 million stocks worth N7.5 billion in 3,650 deals compared with the 138.7 million stocks worth N1.8 billion traded in 3,673 deals a day earlier, indicating a decline in the number of deals by 0.63 per cent, and an improvement in the trading volume and value by 41.10 per cent and 317.67 per cent, respectively.

FBN Holdings ended the final trading session of the week as the most active stock after it transacted 41.9 million units, followed by BUA Cement, which sold 30.2 million units. UBA exchanged 17.3 million stocks, Access Holdings transacted 13.7 million shares, and GTCO traded 10.2 million equities.