Renewed Bargain-hunting Resuscitates Nigerian Stocks by 0.47%

By Dipo Olowookere

The bulls reclaimed control of the Nigerian Exchange (NGX) Limited on Thursday after being displaced midweek due to profit-taking.

But yesterday, Nigerian stocks found their footing after rebounding by 0.47 per cent at the close of trading.

The bourse closed higher on Thursday despite the banking and the consumer goods indices losing 2.10 per cent and 0.06 per cent, respectively.

Dangote Cement maintained its positive run, helping the industrial goods sector to gain 3.41 per cent. The insurance counter appreciated by 0.75 per cent, and the energy index grew by 0.05 per cent.

Consequently, the All-Share Index (ASI) jumped by 1,200.24 points to 254,083.02 points from 252,882.78 points, and the market capitalisation increased by N780 billion to N164.974 trillion from N164.194 trillion.

eTranzact gained 10.00 per cent to trade at N17.60, Sovereign Trust Insurance rose by 9.60 per cent to N2.17, Fortis Global Insurance expanded by 9,.37 per cent to N1.75, McNichols soared by 9.18 per cent to N5.35, and Zichis advanced by 8.24 per cent to N18.40.

On the flip side, First Holdco lost 10.00 per cent to finish at N125.55, Livestock Feeds slumped by 9.70 per cent to N12.10, Tantalizers depreciated by 8.40 per cent to N3.60, C&I Leasing crashed by 7.41 per cent to N5.00, and Regency Alliance declined by 7.35 per cent to 63 Kobo.

Business Post reports that the market breadth index was slightly bullish as there were 27 price gainers and 26 price losers, indicating strong investor sentiment.

During the session, market participants traded 654.3 million equities for N57.4 billion in 35,821 deals versus the 404.1 million equities worth N27.9 billion transacted in 39,012 deals on Wednesday.

This showed that the trading volume went up by 61.92 per cent, the trading value surged by 105.74 per cent, and the number of deals dipped by 8.18 per cent.

First Holdco led the activity chart, with a turnover of 343.8 million stocks worth N34.8 billion, GTCO transacted 40.6 million shares valued at N4.9 billion, UBA sold 26.4 million equities for N1.1 billion, Regency Alliance exchanged 20.5 million stocks worth N13.0 million, and Access Holdings traded 14.1 million stocks valued at N404.4 million.