Investors Gain N13.5 Billion as Stock Market Rebounds
Equity investors gain N13.5 billion Tuesday as the stock market rebounds after it opened the week negative. The market lost N20 billion last week as earnings season vibrations slow down but stay strong due to declining yield in the fixed income space.
Market data shows that price appreciation in DANGSUGAR, ZENITH BANK, WAPCO, FBNH, GTCO, UCAP, ETI, HONEYFLOUR, MBENEFIT, and CHIPLC lifted market performance.
The Nigerian Exchange All-share index (NGX-ASI) edged higher by 0.07 per cent. Meanwhile, the NGX recorded 17 gainers and 18 losers as market breadth turned negative, albeit, marginally.
Despite the bargain, stock market activities closed on a lower note with the volume and value of stocks traded on the exchange depreciating by 6.87 per cent and 28.37 per cent respectively.
Market data shows that a total of 196.80 million units of shares valued at ₦1.43 billion were traded in 3,881 deals.
COURTVILLE led the volume chart, accounting for 11.41 per cent of the total volume of trades, followed by SOVRENINS (10.83%), WEMABANK (8.61%), UBA (7.90%), and FBNH (5.51%) to complete the top five on the volume chart.
SEPLAT topped the value chart accounting for 19.93 per cent of the total value of trade on the exchange. MORRISON and REGALINS topped the advancers’ list, as their share prices edged upward by 10.00 per cent and 9.52 per cent, respectively.
Meanwhile, FTNCOCA led the losers’ table with its share price declining by 9.09 per cent to close at ₦0.40 after opening the day at ₦0.44.
Afrinvest said performance across sectors under its coverage was mixed as 3 indices gained, 2 lost while the AFR-ICT index closed flat.
The Banking, Consumer and Industrial Goods indices rose by 0.1% apiece due to buying interest in ZENITH (+0.8%), GTCO (+0.4%), DANGSUGAR (+0.8%), HONYFLOUR (+4.9%), and WAPCO (+2.3%).
On the flip side, the Insurance and Oil & Gas indices dipped by 0.4% and 0.2% respectively due to sell-offs in MANSARD (-2.3%), AIICO (-3.1%), and OANDO (-1.0%).
“In the next trading session, we expect to see mild gain driven by strategic positioning in bellwether banking stocks, as H1:2021 earnings release deadline nears crescendo”, analysts said.
Investors Gain N13.5 Billion as Stock Market Rebounds
