Trading rebounds on NGX, up by 0.07%

Trading on the nation’s bourse returned to positive territory on Tuesday due to investors’ interest in some blue chips.

Specifically, the All-Share Index, which opened at 39,434.69 inched higher by 25.99 points or 0.07 per cent to close at 39,460.68.

Similarly, the market capitalisation rose by N13 billion to close at N20.559 trillion from N20.546 trillion achieved on Monday.

Thus, month-to-date gain increased to 2.4 per cent, while year-to-date loss moderated to 2.0 per cent.

The positive performance was driven by investors’ buy-interests in banking, industral goods and consumer goods stocks.

The market’s positive performance was driven by price appreciation in large and medium capitalised stocks which are; Lafarge Africa, Zenith Bank, Dangote Sugar Refinery, Ecobank Transnational Incorporated and Morison Industries.

Analysts at Afrinvest Ltd. expressed optimism that the stock market would witness some gains in the next trading session.

“In the next trading session, we expect to see mild gain driven by strategic positioning in bellwether banking stocks, as first half, 2021 earnings release deadline nears crescendo.”

However, the market closed negative with 17 gainers in contrast with 18 losers.

FTN Cocoa Processors led the losers’ chart in percentage terms by 9.09 per cent to close at 40k per share.

Courteville Business Solutions followed with 8.82 per cent to close at 31k, while Sovreign Trust Insurance lost eight per cent to close at 23k per share.

UACN dipped 6.55 per cent to close at N10.70, while Multiverse Mining and Exploration shed 4.76 per cent to close at 20k per share.

Conversely, Morison Industries dominated the gainers’ chart in percentage terms with 10 per cent to close at N1.54 per share.

Regency Alliance Insurance followed with 9.52 per cent to close at 46k, while Tripple Gee & Company rose by 9.09 per cent to close at 96k per share.

Consolidated Hallmark Insurance garnered 8.51 per cent to close at 51k, while Jaiz Bank gained 6.90 per cent to close at 62k per share.

The total volume of trades declined by 6.87 per cent to 196.81 million units valued at N1.45 billion exchanged in 3,881 deals.

This was against a total of 211.33 million shares worth N2.03 billion transacted in 3,939 deals on Monday.

Transactions in the shares of Courteville Business Solutions topped the activity chart with 22.45 million shares valued at N7.34 million.

Sovereign Trust Insurance followed with 21.31 million shares worth N5.07 million, while Wema Bank traded 16.94 million shares valued at N14.59 million.

United Bank for Africa traded 15.54 million shares worth N11.69 million, while FBN Holdings transacted 10.84 million shares valued at N80.63 million.