Transcorp, Juli, 20 Others Jumpstart Stock Market by 0.13%

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded by 0.13 per cent on Thursday, posting its first gain this week after closing in the negative territory for three consecutive trading sessions.

The stock market was jumpstarted by an improvement in the share prices of Juli, Transcorp and 20 others, though 29 equities ended on the losers’ table, indicating a negative market breadth index and weak investor sentiment.

Juli appreciated by 10.00 per cent to N7.15, Transcorp Power rose by 9.96 per cent to N14.90, International Energy Insurance jumped by 9.66 per cent to N1.59, eTranzact gained 9.65 per cent to close at N6.25, and Guinea Insurance soared by 8.33 per cent to 39 Kobo.

On the flip side, Deap Capital lost 10.00 per cent to 63 Kobo, Tourist Company of Nigeria shed 9.86 per cent to N2.56, CWG depreciated by 9.09 per cent to N5.50, Caverton fell by 8.57 per cent to N1.60, and Omatek declined by 8.05 per cent to 80 Kobo.

Business Post reports that bargain-hunting activities helped the market today, with the banking, insurance, and industrial goods sectors closing higher by 0.90 per cent, 0.57 per cent, and 0.42 per cent, respectively.

However, profit-taking in the consumer goods index weakened it by 0.09 per cent at the close of transactions, while the energy counter closed flat.

The All-Share Index (ASI) grew by 130.66 points to 104,387.47 points from 104,256.81 points during the session, and the market capitalisation expanded by N74 billion to N59.022 trillion from N58.948 trillion.

Traders transacted 336.8 million stocks worth N9.3 billion in 8,790 deals compared with the 298.7 million stocks worth N6.8 billion traded in 8,248 deals yesterday, indicating an increase in the trading volume, value and the number of deals by 12.76 per cent, 36.77 per cent, and 6.57 per cent apiece.

The most active equity for Thursday was UBA with a turnover of 63.9 million units valued at N1.7 billion, Access Holdings traded 32.0 million units for N750.0 million, Zenith Bank transacted 21.8 million units worth N847.0 million, Transcorp exchanged 20.6 million units valued at N300.5 million, and GTCO exchanged 19.0 million units worth N894.6 million.