Equities rebound as gains lift index by 1.2 per cent

Following renewed bargain hunting in Dangote Cement and eight stocks, equities rebounded at the close of transactions on the Nigerian Exchange Limited (NGX) yesterday, causing the All-Share Index to rise by 1.2 per cent.

Yesterday, market capitalisation of listed equities appreciated by N292 billion to N24.119 trillion from N23.827 trillion.

The ASI also increased by 537.29 basis points or 1.2 per cent to 44283.02 points from 43745.73 points reported on Tuesday.

Investors traded 155.406 million shares valued at N1.526 billion in 3796 deals as against 172.866 million shares worth N4.014 billion in 4110 deals the previous day.

Analysts at Vetiva Dealing and Brokerage said: “As expected, banking counters dominated activity today, as all the top five trades by volume were from that space, while another large cap stock, DANGCEM, influenced market direction. We anticipate a similar trade pattern tomorrow.”

On the price movement chart, Dangote Cement was the toast of investors, growing by 8.84 per cent to close at N240 while Chams Plc followed with a gain of 4.35 per cent to close at 24 kobo. Wapic Insurance gained 2.86 per cent to close at 36 kobo.

Oando Plc added 2.09 per cent to close at N4.39 kobo. NGX group also gained 1.50 per cent to close at N20.30 kobo. FBN Holdings gained 1.01 per cent to close at N10. Unilever appreciated by 93 kobo to close at N10.85 kobo. Bua foods gained 72 kobo to close at N55.90 kobo. ETI added50 kobo to close at N10.

However, MRS topped the losers’ chart, shedding 9.65 per cent to close at N11.70 kobo while TransNational Express followed with a drop of 9.33 per cent to close at 68 kobo. UPDC REITS fell by 8.33 per cent to close at N2.75 kobo. Unity Bank was down by 6.67 per cent to close at 42 kobo. United Bank for Africa dipped by 4.93 per cent to close at N6.75 kobo.

Cornerstone Insurance lost 4.26 kobo to close at 45 kobo while Sovereign Trust Insurance depreciated by 3.85 kobo to close at 25kobo. Nigerian Breweries shed 3.70 kobo to close at N40.30 kobo. Japaul Gold declined by 3.70 kobo to close at 26 kobo. Mutual Benefit Assurance depreciated by 3.57 per cent to close at 27 kobo. AIICO lost 3.51 per cent to close at 55 kobo. May & Baker shed 3.32 per cent to close at N3.79 kobo.

On the activity chart, Sterling Bank was investors’ delight during the day, exchanging 24.284 million shares valued at N33.499 million, AccessCorp followed with an account of 23.517 million shares worth N18.556 million.

FBNHoldings traded 14.256 million shares valued at N140.992 million, GTCO Plc traded 10.212 million shares valued at N180.016 million while Fidelity Bank exchanged 10.027 million shares worth N42.085 million.