Trading rebounds on NSE, index increases by 0.17%

The nation’s bourse on Thursday recorded its first gain for the week with the market indices improving by 0.17 per cent due to interest in BUA Cement and 18 other stocks.

Specifically, the All-Share Index rose by 45.83 points or 0.17 per cent to close at 27,568.91 compared with 27,523.08 achieved on Wednesday.

Also, the market capitalisation improved by N24 billion N14.362 trillion against N14.338 trillion on Wednesday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; BUA Cement, C & I Leasing, United Capital, Africa Prudential and Ikeja Hotel.

Analysts at Afrinvest Limited stated that “There remain opportunities for bargain hunting, however, we expect the equities market to close the week in the red”.

Market breadth closed positive with 19 gainers and 10 losers.

AIICo Insurance and Ikeja Hotels led the gainers’ chart in percentage terms, gaining 10 per cent each, to close at 99k and N1.21 per share, respectively.

United Capital followed with a gain of 9.94 per cent to close at N3.54 per share.

Wapic Insurance improved by 9.68 per cent to close at 34k, while Associated Bus Company appreciated by 9.38 per cent to close at 35k per share.

On the other hand, Law Union and Rock Insurance and SFS Real Estate investment Trust (SFSREIT) led the losers’ chart in percentage terms with a loss of 10 per cent each, to close at 81k and N76.95, per share.

Champion Breweries followed with a decline of 9.28 per cent to close at 88k per share.

Jaiz Bank lost 7.35 per cent to close at 63k, while Oando shed 6.59 per cent to close at N3.26 per share.

An analysis of the activity chart shows that transactions in the shares of Sovereign Trust Insurance topped the activity chart with 200 million shares valued at N40 million.

Guaranty Trust Bank followed with an exchange of 56.29 million shares worth N1.57 billion, while Zenith Bank sold 36.71 million shares valued at N713.88 million.

United Bank for Africa traded 32.36 million shares worth N247.45 million, while FBN Holdings transacted 31.19 million shares valued at N179.37 million.

In all, investors traded 484.99 million shares worth N3.59 billion in 4,187 deals.

This was against 290.15 million shares valued at N5.02 billion transacted in 3,528 deals achieved on Wednesday.