NGX equity market rebounds by 1.63%, investors gain N902bn

The equity market on Thursday rebounded by 1.63 per cent from its two-day losses due to improved investors’ buy interest in the stocks of Tier-one banks and BUA Cement.

Similarly, investors gained N902 billion or 1.63 per cent as the market capitalisation which opened at N55.357 trillion, closed at 56,259 trillion.

The Nigerian Exchange Ltd (NGX) All-Share Index also rose by 1,643.79 points or 1.63 per cent to settle at 102,802.25, compared with 101,158.46 recorded on Wednesday.

As a result, the Year-To-Date (YTD) return increased to 37.48 per cent.

Also, the market breadth closed positive with 52 advancing stocks outnumbering 16 declining ones.

On the gainers’ table, Caverton, Chams Plc, Guaranty Trust Holding Company (GTCO) and Veritas Kapital Assurance led in percentage terms of 10 each to close at N1.87, N2.64, N40.70 and 66k per share respectively.

National Salt Company (NASCON), followed with a gain of 9.98 per cent to close at N67.75 per share respectively.

Conversely, Deap Capital Management and Trust (DeapCap) led the losers’ table by 9.88 per cent to close at 73k.

Computer Warehouse Group (CWG) trailed by 9.87 per cent to close at N6.85, RTBriscoe shed 9.86 per cent to close at 64k per share.

University Press Plc lost 9.76 per cent to close at N3.33, while SUNU Assurances declined by 9.29 per cent to close at N1.66 per share.

Analysis of the market activities indicated that trade turnover settled lower to the previous session, with the value of transactions up by 45.96 per cent.

A total of 861 million shares valued at N12.16 billion were exchanged in 12,851 deals as against 749.13 million shares valued at N22.49 billion were exchanged in 14,092 deals.

Meanwhile, Universal Insurance Plc led the volume chart with 113.76 million shares traded at N42.51 million, followed by Transcorp by 91.02 million shares worth N1.16 billion.

Zenith Bank sold 74.31 million shares at N2.76 billion, while United Bank of Africa (UBA) traded 69.18 million shares valued N1.72 billion and Veritas Kapital Assurance sold 58.73 shares worth 35.95 million.

Reacting, Mr David Adonri, Vice Chairman, Highcap Securities Ltd., said that the performance of the market and its benchmark, All-Share index at over 100,000 was quite unimaginable.

Adonri, in an interview with our reporter in Lagos, stated that investors in the stock market had made lot of profit, hence the recent sell-offs witnessed in the market.

According to him, any investor who has not taken his or her profit would have no one to blame.

“Many of the investors left now in the market are institutional investors who are investing for a very longtime and are not bothered about the short term volatility of the market.