Market News
NGX rebounds as capitalisation rises by N240b amid gains in NB, others - THE GUARDIAN
By : Helen Oji
Following investors renewed appetite in Nigeria Breweries (NB) and 22 stocks, the Nigerian Exchange Limited (NGX) witnessed a rebound yesterday, as market capitalisation appreciated by N240 billion.
Yesterday, the All-Share Index (ASI) gained 381.93 points, representing a gain of 0.37 per cent to close at 104,233.81 points. Also, market capitalisation rose by N240 billion to close at N65.499 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; NB, Ecobank Transnational Incorporated (ETI), Oando, Custodian Investment and Fidelity Bank.
On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage, said: “With the market heading into the Easter break, we anticipate a quiet start to the next session as activity typically slows post-holiday.
“That said, recent momentum in banking and consumer goods names could keep sentiment mildly supported. Still, this week’s weak buy-side turnover may keep overall risk appetite in check.”
As measured by market breadth, sentiment was negative, as 23 stocks lost relative to 24 gainers. Abbey Mortgage Bank emerged the highest price gainer of 9.94 per cent to close at N8.96, per share. Nigerian Breweries followed with a gain of 9.86 per cent each to close at N36.20 kobo, while ABC Transports rose by 9.23 per cent to close at N1.42 kobo.
Livestock Feeds appreciated by 9.20 per cent to close at N9.50 kobo, while ETI appreciated by 8.94 per cent to close at N29.25 kobo.
On the other side, SUNU Assurance led others on the losers’ chart with 9.91 per cent to close at N5. Ellah Lakes followed with a decline of 9.76 per cent to close at N3.05 kobo, while Cornerstone Insurance shed 9.44 per cent to close at N2.59 kobo.
Sovereign Trust Insurance depreciated by 9.18 per cent to close at 89 kobo, while Universal Insurance dipped by 7.55 per cent to close at 49 kobo.
The total volume traded increased by 7.01 per cent to 376.292 million units, valued at N7.906 billion, and exchanged in 11,204 deals. Transactions in the shares of Universal Insurance led the activity with 89.266 million shares worth N44.369 million.
Fidelity Bank followed with account of 49.529 million shares valued at N915.905 million, while Access Holdings traded 32.857 million shares valued at N715.327 million.
Zenith Bank traded 15.577 million shares worth N685.443 million, while Nigerian Breweries traded 15.418 million shares worth N555.571 million.
