Nigerian Stock Market Indices Rebound by 0.07%

By Dipo Olowookere

The bears lost the control of the Nigerian Exchange (NGX) Limited to the bulls on Monday on the back of renewed bargain-hunting by investors.

The local stock market appreciated by 0.07 per cent yesterday to halt the three straight session of losses triggered by profit-taking activities.

According to data, the insurance sector maintained its upward movement with a 5.26 per cent rise and was followed by the banking space, which grew by 1.51 per cent and the consumer goods index, which expanded by 1.15 per cent.

However, the energy counter went down by 0.28 per cent, and the industrial goods industry depreciated by 0.12 per cent, while the commodity sector closed flat.

When the bourse closed its doors to trading at 2:30 pm, the All-Share Index (ASI) slightly increased by 94.27 points to 144,722.47 points from 144,628.20 points and the market capitalisation rose by N59 billion to N91.561 trillion from N91.502 trillion.

Yesterday, market participants bought and sold 1.2 billion shares for N16.2 billion in 38,160 deals versus the 1.4 billion shares valued at N13.9 billion transacted in 32,065 deals last Friday, showing a shortfall in the trading volume by 14.29 per cent, and a leap in the trading value and number of deals by 16.55 per cent and 19.01 per cent apiece.

The activity chart was led by Universal Insurance with 202.3 million stocks valued at N265.8 million, Champion Breweries sold 103.2 million equities worth N1.2 billion, Linkage Assurance transacted 77.9 million shares for N206.6 million, Lasaco Assurance exchanged 66.4 million equities worth N263.8 million, and Mutual Benefits traded 57.8 million shares valued at N244.5 million.

The duo of UPDC and AIICO Insurance were the best-performing stocks after chalking up 10.00 per cent each to sell for N7.15 and N4.18 apiece, Cornerstone Insurance grew by 9.99 per cent to N7.60, Deap Capital jumped by 9.94 per cent to N1.77, and Custodian Investment gained 9.93 per cent to settle at N40.96.

On the flip side, Stanbic IBTC was the worst-performing stock after it lost 9.99 per cent to quote at N100.00, PZ Cussons declined by 7.89 per cent to N35.00, NEM Insurance crashed by 7.85 per cent to N29.95, Chams gave up 5.26 per cent to close at N2.70, and The Initiates shrank by 5.11 per cent to N13.00.

Business Post reports that Customs Street ended the first trading session of the week with 43 price gainers and 27 price losers, indicating a positive market breadth index and strong investor sentiment.