NGX Rebounds From Five Consecutive Sessions Losses, Gains N71bn

The Nigerian Exchange Limited (NGX) on Wednesday rebounded from its five consecutive trading session losses, as NESTLE and FBNH influenced market to gain N71 billion.

The local bourse closed yesterday on a positive trend, amidst buy-interests and sell-offs as bulls dominated proceedings, supporting the broad market.

The All-share Index (ASI) appreciated by 0.28per cent to close at 47,287.09, just as the total market capitalization grew by N71.54 billion to close at N25.49 trillion, while the Year-to-Date (YtD) returns settled at 10.70per cent.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Nestle Nigeria, Presco, Okomu Oil, Nigerian Breweries and Flour Mills of Nigeria.

The market breadth was positive as 30 stocks advanced against 12 stocks that declined. Presco recorded the highest price gain of 10 per cent to close at N114.95, per share. Pharma Deko followed with a gain 9.89 per cent to close at N2.00, while Linkage Assurance up by 9.80 per cent to close at 56 kobo, per share.

Royal Exchange rose by 9.63 per cent each to close at N1.48, while R.T. Briscoe Nigeria appreciated by 8.93 per cent to close at 61 kobo, per share. On the other hand, Ellah Lakes Plc led the losers’ chart by 9.92 per cent, to close at 3.45, per share. May & Baker Nigeria followed with a decline of 9.91 per cent to close at N4.91, while Neimeth International Pharmaceuticals declined by 9.34 per cent to close at N1.65, per share.

Niger Insurance shed 8.70 per cent to close at 21 kobo, while Cutix Plc depreciated by 7.26 per cent to close at N2.30, per share.

However, the total volume of trades fell by 55.45 per cent to 336.305 million units, valued at N5.860 billion, and exchanged in 5,248 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 108.615 million shares valued at N1.249 billion. Guaranty Trust Holding Company (GTCO) followed with 54.134 million shares worth N1.428 billion, while United Capital traded 25.292 million shares valued at N308.508 million.

Zenith Bank traded 22.292 million shares valued at N595.015 million, while Caverton Offshore Support Group transacted 14.946 million shares worth N19.043 million.

GTI Securities Limited said that “The Nigerian domestic market rallied after a five day bearish sentiment, as the risk of the Russian-Ukrainian war still weigh on investors. However, we expect bulls to trade-off on the market given the spate of corporate actions.”