Nigerian Equities Rebound by 0.45% After Two-Day Profit-Taking

Equities Market bearish bullish

By Dipo Olowookere

After bleeding for two days as a result of profit taking, the equity market in Nigeria closed bullish on Thursday by 0.45 percent, supported by the strong performance put up by some blue-chip stocks.

During the session, which had its market breadth closing at equilibrium,  14 price gainers and 14 price losers, the buying interests in energy stocks (+1.53 percent), industrial goods equities (+1.94 percent), consumer goods stocks (+0.37 percent and banking shares (+0.13 percent) gave the Nigerian Stock Exchange (NSE) the needed tonic to bounce along despite the 1.77 percent loss suffered by insurance stocks.

At the close of transactions, Seplat topped the gainers’ chart with a N12 price appreciation to finish at N600 per unit, while CAP trailed with a N2.50 growth to settle at N27.50 per share.

Dangote Cement rose by N2.10 to trade at N174.90 per unit, Unilever Nigeria appreciated by N1.45 to sell at N19.45 per share, while BUA Cement gained 80 kobo to close at N37.80 per unit.

On the flip side, MTN Nigeria dominated the losers’ table after suffering a decline of N1.20 to close at N127 per unit, while UBA, Ecobank and GTBank lost 10 kobo each to finish at N8.65, N7.60 and N32.10 respectively, with Honeywell Flour depreciating by 9 kobo to end at N1.08 per share.

Business Post reports that the activity level was mixed on Thursday with the value of shares transacted by investors rising by 111.85 percent to N7.7 billion from N3.6 billion, while the volume of trades dropped 37.62 percent to 196.9 million units from 315.7 million units, with the number of deals executed reducing by 33.63 percent to 2,915 from 4,392.

UBA was the most traded equity at the market, selling 26.6 million units worth N227.0 million, while FCMB followed with 23.4 million shares valued at N46.6 million.

Access Ban traded 20.4 million stocks valued at N206.1 million, GTBank transacted 16.0 million equities worth N513.7 million, while Zenith Bank exchanged 15.2 million shares for N335.0 million.

At the close of business, the All-Share Index (ASI) moved up by 133.08 points to 29,591.29 points, while the market capitalisation advanced by N68 billion to N15.242 trillion.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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