You are here: HomeBusiness2021 06 09Article 446317

Business News of Wednesday, 9 June 2021

Source: economicconfidential.com

Equities rebound with N102bn gain

The Nigerian Stock Exchange The Nigerian Stock Exchange

Nigerian equities rode on the back of renewed bargain-hunting to a significant rebound yesterday, rounding up N102 billion in net capital gains.

Benchmark indices at the Nigerian Exchange (NGX) Limited showed average return of 0.50 per cent yesterday, representing net capital appreciation of N102 billion.

The All Share Index (ASI)- a value-based index that tracks all share prices at the Exchange, rose from its opening index of 38,686.40 points to close at 38,881.70 points.

Aggregate market value of all quoted equities also increased from its opening value of N20.164 trillion to close at N20.266 trillion.

Most sectoral indices closed positive with the NGX Industrial Goods Index leading with 1.1 per cent. The NGX Consumer Goods Index rose by 0.6 per cent while the NGX Oil and Gas Index inched up by 0.1 per cent. On the negative side, the NGX Insurance Index declined by 1.6 per cent while the NGX Banking Index slipped by 0.1 per cent.

With 15 advancers to 17 decliners, the positive overall market position was driven by gains recorded by large and medium stocks such as Okomu Oil, Dangote Cement, Flour Mills of Nigeria, Dangote Sugar Refinery and Unilever Nigeria.

Okomu Oil recorded the highest price gain of 10 per cent to close at N106.15, per share. Learn Africa followed with a gain nine per cent to close at N1.09. Champion Breweries rose by 4.71 per cent to close at N2.00, per share. Unilever Nigeria rose by 3.86 per cent to close at N12.10 while Cornerstone Insurance appreciated by 3.57 per cent to close at 58 kobo per share.

On the other hand, Computer Warehouse Group led the losers’ list by 9.42 per cent to close at N1.25. Regency Alliance Insurance followed with a decline of 8.16 per cent to close at 45 kobo, per share. FTN Cocoa Processors and Veritas Kapital Assurance shed 7.69 per cent each to close at 36 kobo and 24 kobo while Caverton Offshore Support Group depreciated by 5.26 per cent to close at N1.80 per share.

The total volume of trades increased by 3.7 per cent to 218.515 million units, valued at N1.590 billion, and exchanged in 3,630 deals. Transactions in the shares of Courteville Business Solutions topped the activity chart with 35.816 million shares valued at N7.251 million. Fidelity Bank followed with 26.626 million shares worth N60.165 million. Zenith Bank traded 15.251 million shares valued at N349.318 million. AXA Mansard Insurance traded 13.868 million shares valued at N11.951 million, while Veritas Kapital Assurance transacted 12.823 million shares worth N3.358 million.

“In the coming trading session, we anticipate the domestic bourse would extend its positive performance driven by bargain hunting,” Afrinvest Securities stated.

Join our Newsletter