Demand for FBN Holdings, 16 Others Lift Stock Market by N57bn

Snapping eight consecutive sessions of investors profit-taking, the stock market segment of the Nigerian Exchange Limited (NGX), yesterday posted N57 billion rebound, supported by investors’ demand for FBN Holdings (FBNH) Plc and 16 others.

The NGX All-Share Index (NGX ASI) gained 100.55 basis points or 0.10 per cent to close at 99,908.89 basis points. Consequently, market capitalisation rose by N57 billion to close at N56.505 trillion.

As a result, the NGX ASI Year-to-Date (YtD) return rose to 33.61 per cent.

The Nigerian stock market the previous day recorded a decline of N1.11trillion in market capitalistion, the biggest single day decline so far in April to close below 100,000 basis points in NGX ASI.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; FBNH, Fidelity Bank, Ikeja Hotel, Access Holdings and Morison Industries.

As measured by market breadth, market sentiment was negative, as 27 stocks lost relative to 17 gainers. Ikeja

Hotel emerged the highest price gainer of 10 per cent to close at N7.26, per share. Fidelity Bank followed with a gain of 9.88 per cent each to close at N8.90, while Academy Press rose by 9.77 per cent to close at N1.91, per share.

Morison Academy appreciated by 9.71 per cent to close at N3.39, while Prestige Assurance appreciated by 9.26 per cent to close at 59 kobo, per share. On the other side, Livestock Feeds led others on the losers’ chart with 10 per cent to close at N1.44, per share. International Energy Insurance followed with a decline of 9.79 per cent to close at N1.29, while CWG shed 9.79 per cent to close at N6.45, per share.

FTN Cocoa Processors depreciated by 9.72 per cent to close at N1.30, while Africa Prudential dipped by 9.42 per cent to close at N6.25, per share.

The total volume traded decreased by 20.11 per cent to 322.656 million units, valued at N5.820 billion, and exchanged in 9,074 deals. Transactions in the shares of United Bank for Africa (UBA) led the activity with 55.013 million shares worth N1.284 billion. Zenith Bank followed with account of 47.03 million shares valued at N1.691 billion, while Access Holdings traded 44.986 million shares valued at N789.622 million.