Nigerian Stock Exchange Rebound
Tuesday saw a return of the bulls to control of the local stock market following a day earlier’s brief bearish domination brought on by profit-taking.
Following investor bargain hunting in oil, technology, and a few financial equities, the Nigerian Exchange (NGX) Limited closed higher by 0.42 percent yesterday.
Strong investor sentiment stemmed from the restored confidence, and the market breadth index rose as a result of 28 stocks’ price increases and 24 stocks’ bearish closing prices.
Eterna jumped by 9.85% to N11.15, Cornerstone Insurance increased by 9.52% to 92 Kobo, Pharma Deko increased by 9.52% to N2.07, and FTN Cocoa increased by 9.23% to 71 Kobo. eTranzact increased by 10.00% to trade at N4.40.
On the other hand, Multiverse dropped by 9.54 percent to N3.70, Chellaram dropped by 9.52 percent to N1.33, Omatek decreased by 9.09 percent to 20 Kobo, and Sunu Assurances dropped by 8.33 percent to 44 Kobo. John Holt lost 9.88 percent to quote at N1.55.
Yesterday’s market closed with the energy index up 1.02 percent, the insurance industry up 0.57 percent, the consumer goods sector up 0.21 percent, and the banking and industrial goods counters down 0.05 and 0.02 percent, respectively.
The All-Share Index (ASI), according to Business Post, gained 232.14 points on Tuesday, closing at 56,038.85 points as opposed to 55,806.71 points the day before.
In a same line, the market capitalization of the NGX grew by N127 billion to close at N30.514 trillion, up from N30.387 trillion on Monday.
When compared to the 369.8 million shares worth N19.8 billion in 7,221 deals the day before, traders transacted 322.5 million shares worth N5.8 billion in 6,165 deals yesterday, turning the activity chart red. This implies a decline in trading volume, value, and deals by separately 12.79%, 70.71%, and 14.62%.
Access Holdings traded 39.9 million shares worth N501.8 million, GTCO sold 30.2 million shares for N846.9 million, Fidelity Bank traded 23.8 million shares worth N137.3 million, and Japaul traded 16.8 million shares worth N6.7 million. UBA dominated the market during the session.
