Local Stock Market Rebounds by 0.15%

June 17, 2021
Local Stock Market

By Dipo Olowookere

Transactions on the floor of the Nigerian Exchange (NGX) Limited closed bullish on Wednesday as a result of the 0.15 per cent recorded during the session.

The local stock market reversed the downtrend reported on Thursday to finish in the green zone on the back of bargain hunting in shares of Zenith Bank, MTN Nigeria and 25 others. They overpowered the losses recorded by 21 equities on the exchange.

At the close of business, the All-Share Index (ASI) slightly increased by 57.41 points to 38,564.70 points from 38,507.29 points, while the market capitalisation rose by N30 billion to N20.099 trillion from N20.069 trillion.

Business Post reports that during the session, the energy and consumer goods sectors appreciated by 0.92 per cent and 0.18 per cent respectively, while the insurance, banking and industrial goods counters depreciated by 0.51 per cent, 0.32 per cent and 0.03 per cent respectively.

In terms of the level of activity, the trading volume increased by 1.81 per cent to 302.7 million units as against the previous 297.3 million units, while the trading value went down by 23.02 per cent to N2.8 billion from N3.7 billion just as the number of deals reduced by 0.34 per cent to 4,387 deals from 4,402 deals.

Sterling Bank was the busiest stock of the day, transacting N37.5 million units worth N57.8 million, while Ecobank traded 27.4 million units worth N142.5 million.

During the session, investors traded 27.2 million shares of Wema Bank valued at N15.0 million, GTBank exchanged 26.5 million stocks for N745.3 million, while Japaul sold 22.1 million shares valued at N11.0 million.

On the price movement chart, Cornerstone Insurance was on top of the gainers’ table with a price appreciation of 10.00 per cent to close at 55 kobo.

Morison Industries gained 9.68 per cent to sell for N1.36, Learn Africa improved by 6.52 per cent to 98 kobo, Africa Prudential went up by 5.79 per cent to N6.40, while Courtville rose by 5.00 per cent to 21 kobo.

On the losers’ log, Abbey Mortgage Bank occupied the first spot with a price depreciation of 9.52 per cent to finish at 95 kobo, followed by Consolidated Hallmark Insurance, which lost 9.46 per cent to trade at 67 kobo.

CWG went down by 7.26 per cent to quote at N1.15, Coronation Insurance declined by 7.02 per cent to 53 kobo, while Regency Alliance depreciated by 6.25 per cent to 45 kobo.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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