NGX Rebounds by 0.09% to Stretch Year-to-Date Gain to 5.18%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited made a quick return to the bears’ territory on Wednesday with a marginal 0.09 per cent growth after depreciating by 0.22 per cent on Tuesday.

A renewed bargain hunting in some large-cap stocks like MTN Nigeria, GTCO and others triggered the positive performance put up by the exchange yesterday and extended the year-to-date gain to 5.18 per cent.

As a result, the All-Share Index (ASI) rose by 39.84 points to 42,357.36 points from 42,317.52 points, while the market capitalisation increased by N21 billion to N22.102 trillion from N22.081 trillion.

Red Star Express ended the session as the biggest price gainer as its share price grew by 7.94 per cent to N3.40, followed by Meyer, which appreciated by 7.69 per cent to 42 kobo.

Japaul improved by 5.41 per cent to 39 kobo, UPDC went up by 4.35 per cent to N1.20, while Africa Prudential increased its value by 4.10 per cent to settle at N6.35.

However, eTranzact finished the day as the price loser after its equity price declined by 9.57 per cent to N1.89. Royal Exchange depreciated by 4.76 per cent to 60 kobo, Cutix depleted by 4.21 per cent to N2.50, International Breweries decreased by 4.08 per cent to N4.70, while Unity Bank dropped 2.13 per cent to trade at 46 kobo.

At the close of trades, a total of 13 equities ended on the losers’ chart, while 19 equities finished on the gainers’ table, indicating a positive market breadth and investor sentiment.

During the session, the consumer goods and insurance sectors appreciated by 0.22 per cent and 0.08 per cent apiece, while the banking, industrial goods and energy counters depreciated by 0.20 per cent, 0.11 per cent and 0.05 per cent respectively.

On the activity chart, the trading value improved by 14.50 per cent as a result of the N2.6 billion worth of shares transacted by investors against the N2.3 billion worth of shares traded on Tuesday.

However, the volume of the stocks depreciated by 16.26 per cent to 226.2 million units from the previous day’s 270.1 million units, with the number of deals reducing by 7.38 per cent to 3,476 deals from 3,753 deals.

International Breweries closed the day as the most active stock with the sale of 51.8 million units valued at N253.3 million. FBN Holdings traded 32.5 million shares worth N392.2 million, GTCO exchanged 18.0 million stocks worth N457.2 million, Unilever Nigeria transacted 10.0 million equities valued at N132.1 million, while Mutual Benefits sold 9.5 million stocks for N2.3 million.