Stock Market Rebounds after Days of Profit-taking

Breaking from five-day consecutive sessions of losses, the stock market of the Nigerian Exchange Limited (NGX) yesterday appreciated by N181 billion following investors bargain hunting in Dangote Cement Plc and 13 other stocks on the bourse.

Precisely, the NGX All-Share Index inched higher by 335.01 basis points or 0.66per cent to close at 51,091.75 basis points, while the overall market capitalisation value gained N181 billion to close at N27.544 trillion.

Consequently, the stock market in its Month-to-Date loss moderated to -3.6per cent, while the Year-to-Date return increased to 19.6per cent. The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Cement, MRS Oil Nigeria, Nigerian Aviation Handling Company (NAHCO), SEPLAT Energy and Oando.

However, market sentiment, as measured by market breadth closed negative as 22 stocks lost, relative to 14 gainers. Livestock Feeds recorded the highest price gain of 10 per cent to close at N1.32, per share. MRS Oil Nigeria followed with a gain 9.80 per cent to close at N16.25, while Dangote Cement appreciated by 8.30 per cent to close at N270.00, per share.

NAHCO rose by 7.69 per cent to close at N8.40, while Royal Exchange appreciated by 5.56 per cent to close at 95 kobo, per share. On the other hand, Learn Africa and BUA Foods led the losers’ chart by 10 per cent each to close at N2.25 and N49.50 respectively, while Japaul Gold and Ventures followed with a decline of 9.68 per cent to close at 28 kobo, per share.

GlaxoSmithKline Consumer Nigeria (Glaxosmith) declined by 9.22 per cent to close at N6.40, while NASCON Allied Industries depreciated by 8.56 per cent to close at N11.75, per share.

Meanwhile, the total volume of trades fell by 51.60 per cent to 166.969 million units, valued at N2.740 billion, and exchanged in 4,398 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 19.338 million shares valued at N24.392 million. United Bank for Africa (UBA) followed with 17.590 million shares worth N131.213 million, while Guaranty Trust Holding Company (GTCO) traded 17.287 million shares valued at N365.183 million.