Stock Market Rebounds Slightly to Close at 52,626.42 bpts


Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) slightly rose by 0.02 per cent  to  52,626.42 basis points  yesterday amid precious’s day investors’ profit-taking in some high-mid capitalised stocks listed on the bourse.

The NGX All Share Index (ASI) rose by 10.91 basis points or 0.02 per cent to close at 52,626.42 basis points from 52,615.51 basis points it opened for trading.

Accordingly, investors gained N6 billion in value as market capitalisation went up to N28.664 trillion from N28.658trillion it close the previous day.

Consequently, the stock market in its Year-to-Date return settled at 2.7per cent.

Analysing by sectors, the NGX Insurance index added 0.4per cent, NGX Banking index rose by  0.2per cent, and NGX  Industrial Goods gained 0.1 per cent, while the NGX  Oil & Gas and  Consumer Goods indices closed flat.

As measured by market breadth, market sentiment was positive, as 25 stocks gained relative to 16 losers. International Energy Insurance recorded the highest price gain of 9.76 per cent to close at 45 kobo, per share.

Computer Warehouse Group (CWG) followed with a gain 9.47 per cent to close at N1.04, while Caverton Offshore Support Group went up by 9.38 per cent to close at N1.05, per share.

John Holt went up by 9.09 per cent to close at 96 kobo, while Linkage Assurance appreciated by 8.33 per cent to close at 52 kobo, per share.

On the other hand, C&I Leasing led the losers’ chart by 10 per cent to close at N3.15, while Chams and Sovereign Trust Insurance followed with a decline of 7.14 per cent each to close at 26 kobo each, per share.

UPDC Real Estate Investment Trust (UPDCREIT) lost 6.06 per cent to close at N3.10, while Royal Exchange shed 5.56 per cent to close at 85 kobo, per share.

The total volume traded decreased by 40.8 per cent to 129.039 million units, valued at N1.819 billion, and exchanged in 3,183 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 18.554 million shares valued at N455.739 million. Guaranty Trust Holding Company (GTCO) followed with 18.522 million shares worth N451.133 million, while United Bank for Africa (UBA) traded 9.731 million shares valued at N78.616 million.

Royal Exchange traded 9.393 million shares valued at N7.793 million, while Access Holdings transacted 7.675 million shares worth N69.494 million.

On market outlook, analysts at GTI Securities Limited said “we expect positive sentiments to continue as investors take position for the year.”