NGX Rebounds, Gains N8bn as Big Investors Cross Cement Stocks

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded by 0.03 per cent on Monday after losing its upward trajectory to profit-taking last Friday.

Renewed bargain-hunting helped the marginal growth reported by the local bourse yesterday.

Also, the cross deals in cement stocks, especially BUA Cement, Lafarge Africa, and Dangote Cement, by big investors, strengthened the stock exchange during the session.

At the close of business, the All-Share Index (ASI) increased by 15.16 points to 59,016.12 points from 59,000.96 points, as the market capitalisation inflated by N8 billion to N32.134 trillion from N32.126 trillion.

The market breadth index was positive on Monday as 44 stocks appreciated in price and 22 stocks depreciated in price, indicating a strong investor sentiment.

Universal Insurance and Tantalizers gained 10.00 per cent each to quote at 22 Kobo each, Unity Bank grew by 9.80 per cent to N1.12, Mutual Benefits rose by 9.76 per cent to 45 Kobo, and FTN Cocoa expanded by 9.63 per cent to N1.48.

Conversely, Ellah Lakes declined by 10.00 per cent to N3.24, John Holt shed 9.57 per cent to N1.04, Academy Press depreciated by 9.57 per cent to N1.80, Regency Alliance and Omatek lost 7.14 per cent each to trade at 39 Kobo and 26 Kobo apiece.

During the session, investors traded 893.0 million stocks worth N11.2 billion in 9,274 deals compared with the 622.4 million stocks worth N6.5 billion traded in 9,417 deals, implying a decline in the number of deals by 1.52 per cent, an increase in trading volume and value by 43.48 per cent, and 72.31 per cent, respectively.

Jaiz Bank was the busiest equity yesterday as it sold 139.9 million units for N244.3 million, Sterling Holdings exchanged 105.5 million units for N311.1 million, Universal Insurance traded 95.1 million units worth N19.3 million, GTCO transacted 83.8 million units valued at N2.7 billion, and UBA traded 60.1 million units worth N693.3 million.

Apart from the energy index, which closed flat, every other sector closed higher, with the banking, insurance, industrial goods and consumer goods counters improved by 2.92 per cent, 1.19 per cent, 0.66 per cent, and 0.15 per cent, respectively.