Bargain-hunting in many blue-chip stocks, especially Red Star Express and Meyer, aided the Nigeria Exchange Limited’s (NGX) rebound yesterday, as the All-Share Index (ASI) increased by 0.09 per cent.
Specifically, at the close of transactions yesterday, the ASI rose by 39.84 absolute points, representing a growth of 0.09 per cent to close at 42,357.36 points. Similarly, the market capitalisation gained N21 billion to close at N22.102 trillion.
The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are, GTCO, Vitafoam Nigeria, Nigerian Breweries, Dangote Sugar Refinery and Africa Prudential.
Analysts at Vetiva Dealings and Brokerage said: “Market activity was lifted by trades in MTNN and some small/mid cap names like International Breweries and Mutual Benefit Assurance while broader markets still traded tepid. We do not foresee any major deviation from today’s session as we expect market to continue to trade mixed with minimal activity level.”
Market sentiment, as measured by market breadth, was positive, as 19 stocks gained while 13 constituted the losers’ chart, Red Star Express recorded the highest price gain of 7.94 per cent to close at N3.40 kobo. Meyer Plc followed with a gain of 7.69 per cent to close at 42 kobo. Japaul Gold and Ventures rose by 5.41 per cent to close at 39 kobo.
UPDC went up by 4.35 per cent to close at N1.20 kobo while Africa Prudential appreciated by 4.10 per cent to close at N6.35 kobo. First City Monument Bank gained 3.45 per cent to close at N3 while Vitafoam added 2.86 per cent to close at N21.55 kobo. Dangote Sugar Refinery garnered 2.82 per cent to close at N16.40 kobo.
FTN Cocoa appreciated by 2.50 per cent to close at 41 kobo. GTCO also gained 2.40 per cent to close at N25.60 kobo.
On the other hand, eTranzact International led the losers’ chart by 9.57 per cent, to close at N1.89 kobo. Royal Exchange followed with a decline of 4.76 per cent to close at 60 kobo while Cutix lost 4.21 per cent to close at N2.50 kobo.
International Breweries lost 4.08 per cent to close at N4.70 kobo while Unity Bank shed 2.13 per cent to close at 46 kobo. TransNational Corporation lost 2.06 per cent to close at 95 kobo while UACN shed 2.04 per cent to close at N9.60 kobo.
Union Bank of Nigeria depreciated by 2.02 per cent to close at N4.85 kobo. United Bank for Africa dropped 1.90 […]