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Equities Market Rebounds As ASI Adds 0.5 Per Cent

The domestic bourse reversed the previous day’s loss as the benchmark index appreciated by 0.5 per cent on Tuesday.

Precisely, the bullish trade was buoyed by investors’ interests in BUA Cement and FBN Holdings as their share prices increased by 1.8 per cent and 9.8 per cent respectively

Thus, the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) 45 basis points to close at 40,896.96 points, just as the market capitalization settled at N21.31 trillion after adding N10 billion.

Accordingly, the Month-to-Date and Year-to-Date gains increased to +1.7 per cent and +1.6 per cent, respectively.

As measured by market breadth, market sentiment was positive as 26 tickers gained relative to 12 losers.

On the chart, Champion Breweries and Cornerstone Insurance recorded the most significant gains having appreciated by 10.0 per cent and 9.8 per cent respectively, while CHI PLC and NEM Insurance topped the losers’ list after their share values dipped by 6.8 per cent and 3.8 per cent, respectively.

Performance across sectors was broadly positive on Tuesday as the Industrial Goods, Insurance, Banking and Consumer Goods added 3.0 per cent and 1.0 per cent respectively, while the Oil & Gas index recorded a decline by 0.7 per cent.

Activities at the local bourse were impressive as the total volume of trades increased by 194.7 per cent to 565.88 million units, valued at N5.10 billion, and exchanged in 4,253 deals.

Banking-sector stocks’ dominance in the equities market was sustained as FBNH recorded the most transactions on Tuesday.

Contributing 65 per cent of entire transactions for the day under review, FBNH was the most traded stock by volume and value at 317.28 million units and N3.29 billion, respectively.

SOURCE: NIGERIAN TRIBUNE

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