Stock Market Rebounds, Gains N411bn on Buy Interest in HBM, Others
Kayode Tokede
The Nigerian stock market yesterday rebounded, as investors renewed buying interest in HBM Nigeria Plc , 26 others lifted the market capitalization by N411 billion.
The Nigerian Exchange Limites All-Share Index (NGX ASI) up by 0.26 per cent to close at 245,911.13 basis points, strengthening its year-to-date return to 58.03 per cent.
Consequently, market capitalisation gained N411 billion to close at N 159.67 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; HBM Nigeria, NASCON Allied Industries, Unilever Nigeria, Custodian Investment and ABC Transport.
Market sentiment turned bullish, with 27 advancers outnumbering 21 decliners. Austin Laz and Company emerged the highest price gainer of 9.97 per cent to close at N3.53, per share. ABC Transports followed with a gain of 9.92 per cent to close at N6.65, while Cutix rose by 9.91 per cent to close at N2.33, per share.
Thomas Wyatt Nigeria rose by 9.77 per cent to close at N2.92, while Caverton Offshore Support Group advanced by 9.76 per cent to close at N4.50, per share. On the other side, Livestock Feeds led others on the losers’ chart with 9.76 per cent to close at N17.10, per share. Guinea Insurance followed with a decline of 7.78 per cent each to close at 83 kobo, while NPF Microfinance Bank declined by 5.75 per cent to close at N4.10, per share.
Mutual Benefits Assurance shed 4.69 per cent to close at N3.05, while AIICO Insurance down by 3.06 per cent to close at N3.80, per share.
Meanwhile, the total volume of stocks traded fell by 0.19 per cent to 348.751 million shares worth N 25.877 billion in 32,639 deals was traded by investors on the floor of the Exchange.
Transactions in the shares of United Bank for Africa (UBA) led the activity with 48.141 million shares worth N2.118 billion. FCMB Group followed with a volume of 30.115 million shares valued at N328.314 million, while Zenith Bank traded 21.009 million shares valued at N2.594 billion.
Guaranty Trust Holding Company (GTCO) traded 16.065 million shares worth N1.970 billion, while Dangote Sugar Refinery traded 9.272 million shares worth N619.031 million.
Analysts noted that yesterday’s session was characterized by cautious bullish sentiment and mixed trading activity, as the market recovered from the previous session’s losses.
Looking ahead, Cowry Assets Management Limited said sustained bargain-hunting could support further gains, although intermittent profit-taking may limit upside momentum.