Stock Market Rebounds 0.35% as Chellarams Leads Gainers’ Gang

By Dipo Olowookere

The domestic stock market returned to winning ways on Wednesday with a 0.35 per cent rise after a day in the bears’ territory on Tuesday due to selling pressure.

Renewed buying pressure lifted the Nigerian Exchange (NGX) Limited at midweek, as investors cherry-picked equities with prospects for price appreciation, though there were still pockets of profit-taking, especially in the financial services sector.

The insurance counter was down by 1.61 per cent, and banking index depreciated by 0.16 per cent.

However, the energy space grew by 2.59 per cent, the commodity sector appreciated by 1.25 per cent, the consumer goods industry improved by 0.90 per cent, and the industrial goods sector rose by 0.06 per cent.

At the close of transactions, the All-Share Index (ASI) went up by 489.45 points to 142,036.23 points from 141,546.78 points and the market capitalisation gained N309 billion to finish at N89.865 trillion compared with the preceding day’s N89.556 trillion.

Business Post reports that the activity chart was dominated by shares in the banking sector yesterday, with Abbey Mortgage Bank posting a turnover of 401.1 million units for N2.7 billion.

Further, Fidelity Bank exchanged 254.8 million units worth N5.3 billion, UBA sold 23.2 million units valued at N1.1 billion, First Holdco transacted 22.5 million units valued at N699.6 million, and Access Holdings trading 17.5 million units for N474.0 million.

In all, the Nigerian bourse recorded the trading of 1.0 billion units worth N24.7 billion in 23,281 deals at midweek compared with the 415.0 million units valued at N13.0 billion transacted in 25,386 deals a day earlier, showing a decline in the number of deals by 8.29 per cent and an increase in the trading volume and value by 140.96 per cent and 90.00 per cent, respectively.

The gainers’ gang was led by Chellarams after its price spiked by 9.77 per cent to N14.60, Austin Laz gained 9.67 per cent to N2.95, The Initiates appreciated by 8.08 per cent to N12.97, Sovereign Trust Insurance increased by 7.37 per cent to N3.06, and Aradel Holdings chalked up 6.97 per cent to trade at N583.00.

On the other hands, Guinness Nigeria topped the losers’ group after it shed 9.70 per cent to sell for N1.49, Cornerstone Insurance slipped by 8.68 per cent to N6.52, Legend Internet slumped by 7.27 per cent to N5.10, Deap Capital depreciated by 7.06 per cent to N1.58, and Thomas Wyatt dipped by 6.49 per cent to N2.45.