Nigerian Bourse Rebounds by N12Billion

Bullish sentiment returned to the Nigerian stock market on Wednesday following investors’ interest in First Bank, PZ, AIICO, Unity Bank and NGX Group.

Investors’ sentiments ensured the first gain of the week, with the market capitalisation garnering N12 billion or 0.05 per cent to close at N25.526 trillion from N25.514 trillion on Tuesday.

Furthermore, the All-Share Index finished at 47,364.46 points, up 23.6 points or 0.05 per cent from 47,340.86 points on Tuesday.

Therefore, month-to-date returns increased by 0.05 per cent and year-to-date returns increased by 10.88 per cent.

Analysts at Cowry Asset said, “We expect a gradual bullish run in the equities market going forward as the deadline for earnings period draws closer. Despite the renewed bullish sentiment, most of the sub-sector indices moved in different directions.”

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Also, experts at GTI Securities said, ”Market transactions for today closed positive with a slight recovery from the previous negative sentiment. Inflationary pressures also persist as investors remain indecisive and with most people patronising the fixed income market.

“We expect to witness mixed sentiments as the global oil crisis continue to hit hard.”

The market breadth was positive as 18 stocks advanced while 17 declined.

Nigeria Police Force Microfinance Bank topped the gainers’ chart in percentage terms by 10 per cent to close at N2.31 per share.

PZ followed with a 9.79 per cent gain to close at N7.85, while AIICO gained 6.15 per cent to close at 69k per share.

The share price of Unity Bank rose by 4.17 per cent to close at 50k, while the share price of NGX Group rose by 4.02 per cent to close at N23.30 per share.

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Royal Exchange Assurances led the losers’ chart by 9.73 per cent to close at N1.02 per share.

Livestock closed at N1.58 per share, up 9.71 per cent.

IMG lost 9.47 per cent to close at N8.60, while Chams lost 8.7 per cent to close at 21k.

Red Star Express lost 4.69 per cent to close at N3.05.

Also, the total volume traded dropped by 20.42 per cent to 145.83 million units valued at N2.54 billion and exchanged in 4,113 deals.

Transactions in the shares of the United Bank for Africa (UBA) topped the activity chart with 14.76 million shares valued at N125.88 million.

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Access Bank followed with 10.28 million shares worth N107.056 million, while Zenith Bank traded 10.03 million shares valued at N266.09 million.

Guaranty Trust Bank Holding Company (GTco) traded 9.12 million shares valued at N239.22 million, while EcoBank Transnational Incorporated (ETI) transacted 9.08 million shares worth N108.73 million. 

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