Dipo Olowookere
By Dipo Olowookere
The nation’s stock exchange rebounded on Tuesday by 0.02 per cent on the back of fresh bargain hunting by investors, especially in banking and energy equities.
Strong indications that the Central Bank of Nigeria (CBN) will retain key monetary rates yesterday also inspired the renewed confidence investors had in the market.
At the close of business, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited rose by 11.24 points to 45,939.51 points from 45,928.27 points, while the market capitalisation increased by N6 billion to N24.755 trillion from N24.749 trillion.
On the price movement chart, there were 20 appreciating stocks and 15 depreciating stocks at the close of transactions on Tuesday, indicating a positive market breadth.
Courteville led the gainers’ table yesterday, further rising by 10.00 per cent to trade at 55 kobo. The stock has been on a steady rise lately and this has triggered traders’ interest in the company.
Ecobank appreciated by 9.94 per cent to trade at N9.95, Academy Press rose by 9.72 per cent to 79 kobo, Champion Breweries improved by 8.05 per cent to N2.55, while Regency Assurance gained 5.26 per cent to sell for 40 kobo.
On the flip side, C&I Leasing topped the losers’ log after its share price went down by 10.00 per cent to N3.78 and was trailed by Prestige Assurance, which fell by 9.80 per cent to 46 kobo.
Cornerstone Insurance depreciated by 3.77 per cent to 51 kobo, Mutual Benefits dropped 3.70 per cent to trade at 26 kobo, while UPDC depreciated by 3.45 per cent to N1.12.
In terms of the performance of the five major sectors of the exchange during the session, it was observed that the energy, banking and consumer goods sectors closed higher by 0.69 per cent, 0.52 per cent and 0.08 per cent respectively, while the insurance and industrial goods sectors depreciated by 0.88 per cent and 0.03 per cent apiece.
A look at the activity chart showed that the trading volume went down by 11.10 per cent to 247.7 million units from 278.6 million units, while the trading value rose by 23.90 per cent to N3.6 billion from N2.9 billion, with the number of deals appreciating by 4.61 per cent to 4,242 deals from 4,447 deals.
GTCO was the most active stock of the session, trading 24.5 million units valued at N625.4 million, followed by Courteville, which traded 21.4 million units worth N11.8 million.
Transcorp traded 20.4 million equities worth N21.7 million, Zenith Bank sold 17.3 million stocks valued at N440.5 million, while Chams exchanged 16.6 million shares worth N3.3 million.
