NGX rebounds as investors gain N313bn

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Nigerian Exchange LimitedTrading on the Nigerian Exchange Limited closed in the green zone on Thursday, earning investors about N313bn.

This surge of bullish sentiments followed the bourse recording the first depreciation of its market capitalisation on Wednesday.

The All-Share Index rebounded by 0.70 per cent on renewed investors’ interest to close at 82,597.08, while the market capitalisation which appreciated by the same percentage stood at N 45.198tn, contributing to a year-to-date return of 10.46 per cent.

At the close of trading, the market recorded 48 gainers against 22 losers.  Several stocks attracted positive attention from investors during Thursday’s rebound. They include Guinea Insurance, Royal Exchange, Julius Berger, Cadbury Plc and  The Initiates Plc whose stocks appreciated by 10 per cent, 10 per cent, 9.92 per cent, 9.77 per cent, and 9.74 per cent, respectively, to close at N0.44, N0.99, N56.50, N21.90,  and N1.69 per unit as investors strategically positioned themselves to take advantage of the market dip from the previous day.

A few stocks emerged as laggards, with Abbey BDS, Ikeja Hotel, Caverton, Daar Communication and NPFMCRBK witnessing declines of 9.90 per cent, 9.90 per cent, 9.66 per cent, 9.38 per cent, and 7.91 per cent, respectively.

Trading activity levels on Thursday dropped noticeably as the trading volume and value were affected. There was a 46.55 per cent decrease in traded volume, amounting to 877.28 million units, and a 43.20 per cent decrease in the total traded value, totalling N14.41bn. However, total deals increased by 26.23 per cent, reaching 14,919 trades.

Sector-wise, positive investor sentiment was observed, with the banking index leading gainers with a 2.73 per cent increase. This was driven by positive movements in the prices of United Bank for Africa, FBN Holding, Fidelity Bank and Sterling Financial Holding Company Plc. The Insurance and Consumer goods indexes followed suit with gains of 0.51 per cent and 0.39 per cent, respectively, attributed to buying interest in Guinea Insurance, Sunu Assurance, Prestige Assurance Plc, Cadbury and Champion.

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