NGX Rebounds by 0.03% as Market Breadth Closes at Equilibrium

By Dipo Olowookere

For the first time this week, the Nigerian Exchange (NGX) Limited closed in positive territory on Thursday after it traded higher by 0.03 per cent on renewed bargain-hunting.

The market was lifted by the buying pressure in the consumer goods and industrial goods sectors, which appreciated by 0.20 per cent and 0.09 per cent, respectively. The insurance sector also gained 0.20 per cent during the session.

However, the banking counter depreciated by 0.82 per cent and the energy index fell by 0.39 per cent.

It was observed that the losses printed by the two sectors could not bring down the bourse as the other three counters provided the support needed to stay upright.

Consequently, the All-Share Index (ASI) rose by 14.06 points to 44,332.21 points from 44,318.15 points as the market capitalisation grew by N8 billion to N24.147 trillion from N24.139 trillion.

During the trading day, investors transacted 119.2 million shares valued at N3.2 billion in 2,909 deals, in contrast to the 165.4 million shares worth N3.7 billion exchanged in 3,183 deals in the midweek session, indicating a decline in the trading volume, value and number of deals by 27.90 per cent, 12.87 per cent and 8.61 per cent, respectively.

Fidelity Bank was the busiest equity on Thursday as it sold 39.4 million units of its stocks, followed by GTCO, which sold 8.3 million units. Japaul traded 6.8 million shares, Jaiz Bank transacted 4.4 million stocks, and Access Holdings exchanged 4.4 million equities.

Business Post reports that the market breadth was at equilibrium yesterday as the exchange finished with the same number of price losers and gainers, 17.

CWG gained 9.59 per cent to sell at 80 Kobo, UPDC REIT appreciated by 8.93 per cent to trade at N3.05, Japaul went up by 7.69 per cent to close at 28 Kobo, Coronation Insurance chalked up 5.88 per cent to sell for 36 Kobo, and Dangote Sugar expanded by 3.92 per cent to trade at N15.90.

On the losers’ chart, Beta Glass was on top after it lost 9.98 per cent to settle at N41.50, Aluminium Extrusion Industries depreciated by 9.72 per cent to end at N6.50, Mutual Benefits went down by 9.68 per cent to 28 Kobo, RT Briscoe also declined by 9.68 per cent to finish at 28 Kobo, and Regency Assurance retreated by 7.69 per cent to 24 Kobo.