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Equities Market Rebounds With 0.62% Gain

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The Nigerian equities market swayed northward to record the first gain for the trading year, yesterday amid renewed bargain hunting.

In summary, the All Share Index (ASI) was up by 180.93 absolute points, representing an increase of 0.62 per cent, to close at 29,517.73 points. Similarly, market capitalisation increased by N67 billion to close at N11.007 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, among which are; Julius Berger, Guaranty Trust Bank, Dangote Cement, Cement Company of Northern Nigeria (CCNN) and Forte Oil.

Analysts at Afrinvest Limited noted that “bearish sentiment still clouds the market largely due to polity risks. We envision profitable opportunities in short-term trading on bellwethers as they have been the dominant influences of market performance in recent times.”

Market breadth closed positive, recorded 21 gainers against 16 losers. Law Union and Rock Insurance recorded the highest price gain of 10 per cent, to close at 55 kobo, per share. Julius Berger followed with a gain of 9.86 per cent, to close at N28.40, while Eterna rose by 8.86 per cent to close at N4.30, per share.

Guaranty Trust Bank appreciated  by 6.07 cent to close at N33.20, while Transnational Corporation of Nigeria (Transcorp)  went up by 5.93, per cent to close at N1.25, per share. On the other hand, Guinness Nigeria led the losers’ chart by 10 per cent, to close at N63, per share. NEM Insurance followed with a decline 9.95 per cent  to close at N1.72, while UPDC Real Estate investment Trust shed 9.85 per cent to close at N5.95, per share.

Resort Savings & Loans lost 9.76 per cent to close at 37 kobo, per share, while Linkage Assurance declined by 9.72 per cent to close at 65 kobo, per share.

Total volume of trades increased by 64.03 per cent to 385.29 million units, valued at N3.07 billion and exchanged in 3,677 deals. Transactions in the shares of custodian Investment topped the activity chart with 120.27 million shares valued at N697.61 million. Access Bank followed with 60.48 million shares worth N317.38 million, while  FBN Holdings traded 48.87 million shares valued at N347.24 million.

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