Renewed Bargain Hunting Pushes Local Stocks 0.08% Higher

December 26, 2021
local stocks

By Dipo Olowookere

Local stocks closed 0.08 per cent higher on Christmas Eve on the back of renewed bargain hunting, especially in Union Bank as a result of the proposed takeover by Titan Trust Bank after the acquisition of 89.39 per cent stake held by the former majority shareholders.

When the market closed by 12:30 pm on Friday, the share price of Union Bank rose by 9.90 per cent to N5.55, Consolidated Hallmark Insurance grew by 9.38 per cent to 70 kobo, Sovereign Trust Insurance rose by 8.33 per cent to 26 kobo, PZ Cussons appreciated by 7.20 per cent to N6.70, while Vitafoam gained 4.41 per cent to sell for N22.50.

On the flip side, Cornerstone Insurance led the losers’ chart after its value went down by 9.80 per cent to 46 kobo, UPDC depreciated by 3.39 per cent to N1.14, Jaiz Bank lost 3.13 per cent to sell for 62 kobo, Japaul went down by 2.63 per cent to 37 kobo, while UPDC REIT declined by 2.44 per cent to N4.00.

At the close of transactions, the All-Share Index (ASI) increased by 32.37 points to 42,262.85 points from 42,230.48 points, while the market capitalisation grew by N17 billion to close at N22.060 trillion compared with the preceding day’s N22.043 trillion.

The banking, insurance, industrial goods and consumer goods sectors appreciated during the session by 0.73 per cent, 0.24 per cent, 0.19 per cent and 0.13 per cent respectively, while the oil/gas index closed flat.

Business Post reports that despite the positive outcome recorded by the Nigerian Exchange (NGX) Limited on Friday, the trading activity was low as investors stayed away to prepare for Christmas.

The trading volume, value and the number of deals went down by 47.02 per cent, 63.00 per cent and 26.39 per cent apiece as investors traded 111.8 million equities worth N911.9 million in 2,072 compared with the 211.1 million equities valued at N2.5 billion transacted a day earlier in 2,815 deals.

Transcorp closed the day as the most active stock with 11.6 million shares worth N11.4 million, Union Bank transacted 9.9 million equities worth N54.7 million, Access Bank exchanged 9.9 million stocks for N88.3 million, Sovereign Trust Insurance sold 9.0 million shares for N2.3 million, while Sterling Bank traded 7.1 million equities valued at N10.4 million.

Dipo Olowookere

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 [email protected]

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