Nigeria’s stock rebounds as Presco, others up gain on NGX

Trading at the floor of the Nigerian Exchange Limited rebounded in the just concluded week, as the All-Share Index and market capitalisation appreciated by 0.36 per cent to close at 47,437.48 and N25.57tn respectively.

The positive sentiment witnessed in the market, as companies continue to turn in their year-end financial statements and dividend declarations, saw investors reaping N91bn at the close of trading.

Notable stocks that upped the index, topping the gainers’ table, were Presco, RT Briscoe Nigeria, Cornerstone Insurance and UAC of Nigeria, as their share prices rose by 19.62 per cent, 15.87 per cent, 15.63 per cent and 14.52 per cent to close at N125, 0.73k, 0.74k and N10.65 respectively.

A turnover of 2.798 billion shares worth N23.86bn in 22,970 deals was traded last week by investors, in contrast to 1.374 billion shares valued at N23.79bn in 28,809 deals in the week before it.

Measured by volume, the financial services industry led the activity chart with 2.398 billion shares valued at N14.03bn traded in 11,900 deals and contributed 85.69 per cent and 58.80 per cent to the total equity turnover volume and value respectively.

While the conglomerates industry followed with 73.381 million shares worth N305.94m in 996 deals, the consumer goods industry traded with a turnover of 60.832 million shares worth N3.09bn in 2,707 deals.

Trading in the top three equities were FCMB Group, Unity Bank and FBN Holdings, which stocks, measured by volume, accounted for 1.633 billion shares worth N5.49bn in 1,395 deals and contributed 58.36 per cent and 22.99 per cent to the total equity turnover volume and value respectively.

However, most of the sectors gauged closed in the red zone, except the banking and insurance indices, which rose by 1.29 per cent and 2.65 per cent to 444.46 points and 193.85 points respectively.

The oil and gas, consumer goods and industrial indices fell by 0.52 per cent, 2.22 per cent and 0.13 per cent to 573.23 points, 459.92 points and 2,114.06 points respectively.

Trading in the new week is expected to maintain a bullish run, as companies continue to release their financial results.

“However, we note that investors should trade cautiously in order to avoid dividend trap,” experts at Cowry Asset Management warned.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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