Stocks Rebound by 0.17% as Japaul Leads Activity Chart

January 7, 2021
japaul oil

By Dipo Olowookere

The loss recorded on the floor of the Nigerian Stock Exchange (NSE) on Tuesday was reversed on Wednesday with a 0.17 per cent growth.

The market performed better at the midweek trading session as a result of the buying pressure across the major sectors of the exchange.

Apart from the industrial goods sector, which closed flat, every other appreciated with the insurance index rising by 3.02 per cent, the banking space rose by 0.75 per cent, the consumer goods gained 0.30 per cent, while the energy sector grew by 0.06 per cent.

At the close of business, the All-Share Index (ASI) increased by 69.01 points to settle at 40,465.15 points in contrast to 40,396.14 points it finished a day earlier. Also, the market capitalisation appreciated by N36 billion to finish at N21.158 trillion as against N21.122 trillion it closed on Tuesday.

Business Post reports that despite the gains recorded at the market yesterday, the activity chart was horrible as investors traded 249.5 million shares worth N2.2 billion executed in 6,090 deals in contrast to the 465.7 million equities valued at N5.1 billion carried out in 7,573 deals previously, indicating a 46.41 per cent decline in the trading volume, a 57.32 per cent drop in the trading value and a 19.58 per cent fall in the number of deals.

Japaul was the most active stock at the market on Wednesday with the sale of 28.1 million equities worth N22.7 million and was trailed by Access Bank, which traded 21.9 million shares valued at N190.4 million.

Axa Mansard Insurance transacted 13.3 million stocks worth N16.4 million, UBA exchanged 13.2 million shares for N113.1 million, while Transcorp traded 12.8 million equities worth N12.1 million.

Unlike the previous day, the market breadth closed positive with 23 price gainers and 16 price losers.

The highest price appreciation was recorded by BOC Gases as the stock added N1 to its equity price to finish at N11.50 per unit.

Flour Mills gained 90 kobo to close at N27 per share, Zenith Bank rose by 50 kobo to end at N25.10 per unit, Vitafoam gained 25 kobo to finish at N9 per share, while UBA appreciated by 20 kobo to settle at N8.60 per unit.

On the flip side, Eterna topped the losers’ table with a price depreciation of 47 kobo to close at N5.28 per share and was trailed by PZ Cussons, which lost 15 kobo to end at N5.15 per unit.

Neimeth went down by 11 kobo to close at N2.05 per share, Africa Prudential depreciated by 10 kobo to trade at N6.65 per unit, while Honeywell Flour lost 8 kobo to sell for N1.20 per share.

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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