Trading rebounds on NGX amid renewed bargains

Activities rebounded on the Nigerian Exchange (NGX) Ltd. on Friday with the All-Share Index increasing by 3.94 points or 0.01 per cent to 46,964.23 points from 46,960.29 points on Thursday due to gains by some blue chips.

Similarly, the market capitalisation increased by N2 billion or 0.01 per cent to close at N25.311 trillion from N25.309 trillion on Thursday.

“The Nigerian equity market closed trading activities for today positive as bullish sentiments were seen across some major market sectors. Investors continue to hunt for the right instrument to track inflation.

“We expect cautious trading to continue pending any significant changes in the economic conditions,” said analysts at GTI Securities.

A breakdown of the price movement chart shows 16 gainers against 15 losers.

PZ led the gainers’ table in percentage terms increasing by 6.9 per cent to N9.30k per share.

Japaul Gold followed with 6.45 per cent to close at 33k, while FTN Cocoa added 6. 06 per cent to close at 35k per share.

CHIPLC and Niger Insurance gained five per cent each to close at 63k and 21k respectively.

Multiverse was up by 4.55 per cent to close at 23k per share.

Conversely, NNFM shed 7.83 per cent to close at N10, while First City Monument Bank (FCMB) trailed with 7.22 per cent to close at N3.34 per share.

Livestock dipped 6.06 per cent to close at N1.55, while Neimeth dropped 3.68 per cent to N1.57.

UPDC was down by 3.3 per cent to close at 88k per share.

Royal Exchange Assurance shed 3.2 per cent to close at N1.21 while Transcorp dropped by 2.73 per cent to close at N1.07.

Also, the volume of shares traded decreased by 0.77 per cent with an exchange of 177.09 million shares valued N4.18 billion in 3,873 deals.

This was against a total of 214.70 million shares worth N2.63 billion in 4,003 deals achieved on Thursday.

Fidelity Bank  stock had the high in terms of volume during the day, exchanging 62.69 million shares valued N206.47 million.

Zenith Bank traded 22.05 million shares worth N591.23 million, while Guaranty Trust Holding Company (GTCO) with 16.42 million shares valued N387.56 million.

United Bank for Africa (UBA) traded 12.27 million shares worth N93.96 million, while Honeywell Flour sold 9.31 million shares valued  N35.27 million.