Nigeria Update: Bargain hunting triggers stock market rebound as index rises by 0.1%

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Nigeria Update: Bargain hunting triggers stock market rebound as index rises by 0.1%

Bargain hunting embarked upon by investors on the Nigerian Stock Exchange (NSE) lifted the All-share by 0.1 per cent at the close of transactions yesterday.
   
Specifically, the All Share Index (ASI) rose by 35.24 absolute points, representing an increase of 0.1 per cent, to close at 32,417.82 points. Similarly, the market capitalisation gained N13 billion to close N11.835 trillion.
   
The improved performance was impacted by gains recorded in medium and large capitalised stocks, among which are: Nestle Nigeria, Okomu Oil, Stanbic IBTC Holdings, Flourmills Nigeria and Dangote Sugar.Analysts at Afrinvest Limited said: “In line with our expectation, the market posted a bullish performance yesterday. However, we expect a negative close for the week following our observations of renewed sell pressures on banking bellwethers.” 
   
However, market breadth closed negative, recorded 15 gainers against 17 losers. Niger Insurance recorded the highest price gain of 10 per cent, to close at 33 kobo per share.Prestige Assurance followed with a gain of 8.33 per cent to close at 52 kobo, while Flourmills Nigeria rose by 7.60 per cent to close at N21.95 per share. Learn Africa appreciated by 5.45 per cent  to close at N1.16, while Okomu Oil rose 5.28 per cent to close at N79.80 per share.
   
On the other hand, The Initiates led the losers’ chart by 9.68 per cent, to close at 56 kobo, per share. Continental Reinsurance followed with a loss of 9.40 per cent to close at N1.35, while McNichols declined by 9.23 per cent to close at 59 kobo per share. Unity Bank shed 9.09 per cent to close at 90 kobo, while  Forte Oil depreciated by 8.37 per cent to close at N20.25 per share.

The total volume traded appreciated by 9.7 per cent to 148.53 million shares, worth N2.86 billion, and traded in 2,857 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 48.72 million shares valued at N1.78 billion. Fidelity Bank followed with 13.88 million shares worth N26.38 million, while FCMB Groups traded 11.14 million shares valued at N18.8 million. Transnational Corporation of Nigeria Plc ( Transcorp) traded 9.37 million shares valued at N11.79 million, while FBN Holdings transacted 7.16 million shares worth N65.88 million.

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