NGX Bounces Back by 0.18% Amid Bearish Sentiment

By Dipo Olowookere

Bearish investor sentiment on Monday could not keep the Nigerian Exchange (NGX) Limited in the red territory, as the bourse closed higher by 0.18 per cent.

According to data from Customs Street, there were 25 price gainers and 38 price losers, indicating a negative market breadth index.

Eterna expanded by 10.00 per cent to quote at N36.30, Caverton also improved by 10.00 per cent to N5.50, Omatek soared by 9.88 per cent to trade at N1.78, AVA Capital grew by 9.70 per cent to N9.05, and Vitafoam Nigeria appreciated by 7.90 per cent to N194.00.

Conversely, Ecobank declined by 9.95 per cent to N80.10, Cadbury Nigeria went down by 9.92 per cent to N58.10, Thomas Wyatt slumped by 9.82 per cent to N3.95, Coronation Insurance depreciated by 9.80 per cent to N2.30, and CMFC dipped by 9.79 per cent to N3.50.

Yesterday, market participants transacted 923.0 million stocks for N37.9 billion in 72,544 deals compared with the 943.0 million stocks worth N46.7 billion traded in 55,480 deals last Friday.

This indicated that the number of deals increased by 30.76 per cent, the trading volume shrank by 2.12 per cent, and the trading value dropped 18.84 per cent.

Access Holdings was the most active equity on the first trading day of this week and month, with a turnover of 166.6 million units worth N4.4 billion. Honeywell Flour sold 93.6 million units for N1.6 billion, Sterling Holdco exchanged 57.1 million units valued at N455.4 million, Universal Insurance traded 51.8 million units worth N45.8 million, and Chams transacted 33.8 million units valued at N152.5 million.

But when trading activities ended for the session, the All-Share Index (ASI) went up by 446.85 points to 245,730.53 points from 245,283.68 points, and the market capitalisation jumped by N289 billion to N158.615 trillion from N158.326 trillion.