NGX Equities Market Rebounds As Investors Smile Home With N467bn Gain

The equities market of the Nigerian Exchange Limited (NGX) on Thursday finally rebounded from its bearish run with a gain of N467 billion on renewed investor interest in Airtel Africa Plc and 14 others.

BrandNewsDay Nigeria reports that the domestic equities market on Thursday bounced back from losses earlier in the week to see the All-Share Index (ASI) gain 813.29 points, representing a gain of 0.84 per cent to close at 98,156.71 points. Also, market capitalisation rose by N467 billion to close at N55.525 trillion.

The positive performance was driven by price appreciation in large and medium-capitalised stocks amongst which are; Airtel Africa, Nigerian Breweries, Sterling Financial Holdings Company, International Energy Insurance and Fidelity Bank.

However, market breadth closed negative as 15 stocks gained relative to 24 losers. Guinea Insurance and Royal Exchange emerged as the highest price gainers of 10 per cent each to close at 33 kobo and 55 kobo respectively, while Airtel Africa followed with a gain of 8.97 per cent to close at N2,150.00, per share.

NGX recorded that the International Energy Insurance increased by 7.84 per cent to close at N1.65, while Prestige Assurance appreciated by 5.88 per cent to close at 54 kobo, per share.

On the other side, Eterna led the losers’ chart with 9.89 per cent to close at N12.30, per share. FCMB Group followed with a decline of 8.28 per cent to close at N6.65, while Omatek Ventures shed 6.94 per cent to close at 67 kobo, per share.

Unity Bank depreciated by 5.88 per cent to close at N1.60, while FBN Holdings (FBNH) down by 5.36 per cent to close at N22.95, per share.

The total volume traded rose by 15.25 per cent to 409.766 million units, valued at N8.925 billion, and exchanged in 7,296 deals.

Transactions in the shares of Custodian Investment led the activity with 115.584 million shares worth N1.384 billion. Nigerian Breweries followed with an account of 83.747 million shares valued at N1.926 billion, while United Bank for Africa (UBA) traded 26.064 million shares valued at N560.540 million.

Access Holdings traded 24,183 million shares worth N409.798 million, while Guaranty Trust Holding Company (GTCO) traded 22.93 million shares worth N946.859 million.