NGX Rebounds as Investors Gain N355bn
Investors in the equity market gained N355bn as the local bourse opened on a positive trading note on Monday.
Both the market capitalisation and the All-Share Index which measures the movement of the market appreciated by 0.97 per cent to N36.865tn and 67,101,33 basis points respectively.
The Nigerian Exchange Limited had been buoyed by listings in the past week amid mixed sentiments.
In the last week, 853,694,759 units of N100 each at N108.39 each of Chapel Hill Denham Management Limited’s Nigerian Infrastructure Debt Fund under the N200 Billion Issuance Program were listed on the main board of the NGX. Also, investment group, VFD Group, listed its entire issued and fully paid 190,027,365 ordinary shares at N244.88 per unit on the NGX’s Main Board.
In terms of trading activities, the daily tally of deals improved by 1.30 per cent to 6,911 exchanges. However, trade volume and value dipped by 28.18 and 61.23 per cent to 268.66m and N3.46bn respectively.
Analysts believe this week will see mixed sentiments in the market as investors engage in bargain-hunting and adjust their portfolios in anticipation of Q3 corporate earnings reports. Also, investors are keenly awaiting the upcoming monetary policy meeting of the Central Bank of Nigeria.
Market sentiments were positive as reflected in 26 gainers compared to 23 losers.
Topping the gainers’ chart was BUA Cement which gained 10 per cent to close at N103.40. Nigerian Breweries closed at N42 per unit after its shares appreciated by 9.09 per cent, Dangote Sugar’s stock rose by 2.65 per cent to close at N58 per unit, Oando gained 2.22 per cent to close at N9.20 and Transcorp closed the day’s trading at N6.10 after a 1.16 per cent increase.
On the losers table, Prestige Assurance’s stock depreciated by 10 per cent to close at N0.45, the NGX Group shed 4.04 per cent of its share value to close at N22.55, Unity Bank lost 3.03 per cent to close at N0.96 per unit and non-interest bank, Jaiz Bank, who just submitted an application to the NGX for the approval and listing of a rights issue of 5,408,356,536 ordinary shares, also recorded a dip of 3.03 per cent to N1.60 per unit.
Jaiz Bank is seeking to raise N5.41bn in Rights Issue on the basis of 87 new ordinary shares for every 250 ordinary shares held as of last Friday.
