Investors recoup N88bn amid depressed stock turnover

Equities make rebound attempt with N30bn gain In a struggle between the bear and bull camps, the bulls managed to reclaim the trading floor of the Nigerian Exchange Limited on Wednesday by closing the session on N30 billion gain. The gain of the day was however a mere attempt to recover a whooping loss of N340 billion to sell-offs in the preceding session. Business Metrics also observed that the N30 billion profit was a narrow escape from another bearish experience that prevailed for most of trading hours of the day before activities in the shares or MTN Nigeria at the eleventh hour averted the crisis and thus, spurred the first gain of the week. As MTN gained 1.2 per cent to close the day, the benchmark index inched higher by 0.15 per cent to 38,564.70 basis points, while market capitalisation followed suit to close higher at N20.099 trillion. Consequently, the Month-to-Date (MtD) return increased to +0.3 per cent, while the Year-to-Date (YtD) loss moderated to -4.2 per cent. Sectoral performance was mixed, as the Oil & Gas and consumer goods indices gained +0.9 per cent and +0.2 per cent respectively, while the insurance and banking indices closed in the red by -0.5 per cenr and -0.3 per cent in that order. The Industrial Goods index was flat. Turnover for the session was mixed as total volume traded increased by 1.81 per cent against shrinking trade value that plunged by 23.02 per cent. At the close of the session, investors collectively traded 302.72 million share units, valued at N2.81 billion, and exchanged in 4,387 deals. This is in contrast with 297.34 million shares worth N3.65 billion that exchanged hands in 4,402 transactions in the previous session. According to trading statistics obtained from the Nigerian Exchange Limited, STERLNBANK was the most traded stock by volume at 37.47 million units, while GUARANTY was the most traded stock by value at N745.34 million. As measured by market breadth, market sentiment turned positive (1.4x) as 27 tickers gained, relative to 20 losers. CORNERST and MORISON recorded highest gains of the day as they appreciated by 10.0 per cent and 9.7 respectively. On the flip side, while both ABBEYBDS and CHIPLC shed -9.5 per cent in share prices to top the losers’ list.

Investors recoup N88bn amid depressed stock turnover


 

 

The Nigerian stock market extended its positive outlook on Tuesday despite the low activity level across trade volume and value lines recorded during the session.

At the close of the day, equity investors recouped fresh N88 billion over their investments, equivalent to 0.43 per cent rise in the value of aggregate market valuation.

Specifically, the All-Share Index (ASI) that tracks share prices in the market gained 167.56 points to close at 39,015.58 basis points while market CAP followed suit to close the day higher at N20.419 trillion.

Market turnover however suffered huge decline as volume and value traded dipped by 33.35 per cent and 91.59 per cent respectively to 339.02 million share units valued at N2.70 billion in 4,203 transactions.

According to trading statistics obtained by Business Metrics, the breadth for the session closed positive with emergence of 24 stocks against 12 declining stocks.

Honeywell Flour Plc and PZ captained the golden boys with 10 per cent rise each to close at N1.43 and N4.95 per share respectively.

Other top gainers include SOVRNINS, NEM and JOHN HOLT with 8 per cent, 7.5 per cent and 5.55 per cent to close at N0.27, N2.15 and N0.54 per cent respectively.

On the flip side, Royal Exchange depreciated by 10 per cent to close at N0.36 per share, followed by Portland Paint Plc with 9.90 per cent decline to close at N2.64 per share.

Other decliners are FTN Cocoa, CHAM Plc and LIVESTOCK. They shed 8.89, 4.55 and 2.7 percentage points to close at N0.41, N0.21 and N1.80 per share in that order.

In terms of turnover, trade in the shares of GUARANTY attracted highest capital of N683.07 million on traded 22.76 million share units in 291 deals.

Zenith Bank followed with N574.96 million staked on 26.18 million shares that exchanged hands in 381 trades while UACN traded 25.82 million shares, valued at N280.34 million in 273 transactions.