Kayode Tokede
The Nigerian inventory market yesterday rebounded, as buyers renewed shopping for curiosity 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 shut at 245,911.13 foundation factors, strengthening its year-to-date return to 58.03 per cent.
Consequently, market capitalisation gained N411 billion to shut at N 159.67 trillion.
The upturn was pushed by value appreciation in massive and medium capitalised shares amongst that 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 best value gainer of 9.97 per cent to shut at N3.53, per share. ABC Transports adopted with a acquire of 9.92 per cent to shut at N6.65, whereas Cutix rose by 9.91 per cent to shut at N2.33, per share.
Thomas Wyatt Nigeria rose by 9.77 per cent to shut at N2.92, whereas Caverton Offshore Support Group superior by 9.76 per cent to shut at N4.50, per share. On the opposite aspect, Livestock Feeds led others on the losers’ chart with 9.76 per cent to shut at N17.10, per share. Guinea Insurance adopted with a decline of seven.78 per cent every to shut at 83 kobo, whereas NPF Microfinance Bank declined by 5.75 per cent to shut at N4.10, per share.
Mutual Benefits Assurance shed 4.69 per cent to shut at N3.05, whereas AIICO Insurance down by 3.06 per cent to shut at N3.80, per share.
Meanwhile, the overall quantity of shares traded fell by 0.19 per cent to 348.751 million shares price N 25.877 billion in 32,639 offers was traded by buyers on the ground of the Exchange.
Transactions in the shares of United Bank for Africa (UBA) led the exercise with 48.141 million shares price N2.118 billion. FCMB Group adopted with a quantity of 30.115 million shares valued at N328.314 million, whereas Zenith Bank traded 21.009 million shares valued at N2.594 billion.
Guaranty Trust Holding Company (GTCO) traded 16.065 million shares price N1.970 billion, whereas Dangote Sugar Refinery traded 9.272 million shares price N619.031 million.
Analysts famous that yesterday’s session was characterised by cautious bullish sentiment and blended buying and selling exercise, because the market recovered from the earlier session’s losses.
Looking forward, Cowry Assets Management Limited stated sustained bargain-hunting might assist additional good points, though intermittent profit-taking could restrict upside momentum.
