Stock Market Rebounds by 0.29% as GTCO, Others Enjoy Patronage

By Dipo Olowookere

A 0.29 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Thursday on the back of renewed demand for stocks after the Central Bank of Nigeria (CBN) aggressively cut down the stop rate of treasury bills on Wednesday.

The disappointment resulted in investors looking for alternative investment instruments, and equities were the next point of call.

In the previous two trading sessions, the stock market was down, but it rebounded yesterday on the back of a fresh bargain-hunting, which consequently pushed the All-Share Index (ASI) higher by 153.31 points to 52,752.96 points from 52,599.65 points, and the market capitalisation increased by N83 billion to N28.733 trillion from N28.650 trillion.

According to data from the NGX, the banking and energy sectors appreciated by 1.58 per cent each, the insurance space rose by 1.01 per cent, and the consumer goods counter grew by 0.05 per cent, while the industrial goods index depreciated by 0.01 per cent.

During the session, investors traded 139.7 million shares worth N2.0 billion in 3,549 deals compared with the 119.8 million shares valued at N2.7 billion traded in 3,552 deals, indicating an increase in the trading volume by 16.61 per cent, a decline in the trading value by 25.93 per cent, and a drop in the number of deals by 0.08 per cent.

GTCO emerged as the most traded equity yesterday with the sale of 17.8 million units, followed by Access Holdings, which transacted 15.4 million units. Fidelity Bank exchanged 11.9 million shares, Mutual Benefits sold 6.9 million equities, and Dangote Sugar traded 6.7 million stocks.

The market breadth was positive on Thursday, with 25 price gainers and seven price losers, indicating a very strong investor sentiment.

Geregu Power gained 10.00 per cent to trade at N147.40, Coronation Insurance appreciated by 9.76 per cent to 45 Kobo, Chellarams improved by 9.70 per cent to N1.81, International Energy Insurance grew by 9.43 per cent to 58 Kobo, and Tripple Gee jumped by 9.09 per cent to 96 Kobo.

On the flip side, RT Briscoe lost 9.09 per cent to settle at 30 Kobo, Royal Exchange dropped 8.24 per cent to sell at 78 Kobo, Courteville depreciated by 7.84 per cent to 47 Kobo, Linkage Assurance fell by 4.00 per cent to 48 Kobo, and Transcorp shed 0.82 per cent to N1.21.