Meyer Closes as Best-Performing Stock as Market Rebounds 0.19%

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By Dipo Olowookere

Transactions on the floor of the Nigerian Exchange (NGX) Limited closed on a positive note on Tuesday with the bourse appreciating by 0.19 per cent to reverse the loss of the preceding session.

The growth was boosted by renewed bargain hunting, though the investor sentiment remained weak as the market breadth ended bearish with 20 price losers and 18 price gainers.

Meyer finished the session as the best-performing stock with a price appreciation of 8.86 per cent to 86 kobo, followed by Regency Assurance, which grew by 7.14 per cent to 30 kobo.

FTN Cocoa rose by 6.45 per cent to 33 kobo, Cutix appreciated by 5.85 per cent to sell for N2.17, while Caverton improved its equity value by 5.56 per cent to N1.33.

On the flip side, NPF Microfinance Bank ended the day as the worst-performing stock, losing 9.64 per cent to close at N2.25 and was trailed by Learn Africa, which dropped 9.14 per cent to N1.69.

In addition, Multiverse depreciated by 8.70 per cent to quote at 21 kobo, RT Briscoe went down by 6.67 per cent to 56 kobo, while NASCON declined by 5.43 per cent to N12.20.

At the bourse yesterday, Fidelity Bank recorded the highest trading volume, selling 67.4 million shares valued at N230.6 million and was followed by Transcorp, which sold 40.9 million stocks worth N41.4 million.

Coronation Insurance transacted 18.3 million equities worth N7.4 million, GTCO exchanged 15.3 million shares for N341.2 million, while Access Holdings traded 14.5 million stocks for N141.3 million.

From the analysis of the trading data, investors transacted a total of 257.4 million equities worth N2.3 billion in 4,410 deals as against the 219.5 million equities worth N1.9 billion transacted in 5,168 deals on Monday.

This showed that the volume of trades increased by 17.28 per cent, the value of transactions went up by 21.32 per cent, and the number of deals depreciated by 14.67 per cent.

Business Post reports that the banking and energy sectors appreciated during the session by 1.73 per cent and 1.42 per cent apiece, while the insurance, consumer goods and industrial goods counters depreciated by 0.93 per cent, 0.16 per cent and 0.05 per cent respectively.

As for the All-Share Index (ASI), it increased at the close of business by 89.52 points to 46,777.37 points from 46,687.85 points, while the market capitalisation expanded by N48 billion to N25.218 trillion from N25.170 trillion.

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