Investors’ renew interest in Conoil, Lafarge Africa, 14 others rebound equities market

Trading activities on the equities market of the Nigerian Exchange Limited (NGX) on Wednesday closed positive, halting the four consecutive bearish trends as the market gained N4 billion.

The All Share Index (ASI) rose by 7.38 points or 0.02 per cent to close at 47,163.94 basis points while, investors gained N4 billion in value as market capitalisation went up to N25.419 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Chemical & Allied Products (CAP), Conoil, Lafarge Africa, United Capital and Learn Africa.

Analysts at GTI Securities Limited said: “Bargain hunters returned to the market today after the stock market halted its four-day negative trend. Investors’ regained appetite was focused on industrial, oil and gas, and banking stocks. We do not expect major swings in the market as we expect investors to continue trading cautiously pending significant changes in the economic conditions.”

Market sentiment, as measured by market breadth, closed at par, recording 16 gainers and 16 losers. CAP recorded the highest price gain of 10 per cent to close at N19.80, per share. Learn Africa  followed with a gain of 9.60 per cent to close at N2.517, while Champion Breweries rose by 9.09 per cent to close at N2.04, per share.

Sterling Bank rose by 3.95 per cent to close at N1.58, while Conoil appreciated by 2.92 per cent to close at N24.70, per share. On the other hand, FCMB Group led the losers’ chart by 8.72 per cent to close at N3.35, per share. Mutual Benefits Assurance followed with a decline of 7.41 per cent to close at 25 kobo, while Associated Bus Company depreciated by 6.25 per cent  to close at 30 kobo, per share.

Pharma Deko Plc declined by 5.98 per cent to close at N1.73, while FTN Cocoa processors depreciated by 5.88 per cent to close at 32 kobo, per share.

Meanwhile, total volume of trades declined by 11.86 per cent to 267.481 million units, valued at N3.216 billion, and exchanged in 4,099 deals.  Transactions in the shares of Fidelity Bank  topped the activity chart with 68.817 million shares valued at N219.244 million. Access Bank followed with 38.641 million shares worth N384.119 million, while United Bank for Africa (UBA) traded 30.913 million shares valued at N236.083 million.

Guaranty Trust Holding Company (GTCO) traded 23.953 million shares valued at N621.972 million, while Zenith Bank transacted 12.607 million shares worth N339.012 million.