Traders Gain N29bn from Stock Trading Amid Weak Sentiment

Despite the weak sentiment that took over the Nigerian Exchange (NGX) Limited, investors smiled home on Monday as a result of bargain-hunting in MTN Nigeria, Nigerian Breweries and others.

The bourse finished the first trading session of the week higher by 0.05 per cent after traders cherry-picked stocks capable of witnessing price appreciation in the coming days.

Consequently, the All-Share Index (ASI) increased by 52.15 points to 98,177.88 points from 98,125.73 points, and the market capitalisation grew by N29 billion to N55.537 trillion from N55.508 trillion.

Business Post reports that the market breadth index was negative yesterday because the bourse closed with 13 price gainers and 28 price losers.

McNichols chalked up 10.00 per cent during the session to settle at N1.10, Berger Paints rose by 9.72 per cent to N13.55, Regency Alliance expanded by 9.68 per cent to 34 Kobo, Coronation Insurance soared by 6.15 per cent to 69 Kobo, and Cornerstone Insurance leapt by 5.00 per cent to N2.10.

On the flip side, Champion Breweries declined by 10.00 per cent to N2.97, C&I Leasing lost 9.80 per cent to quote at N3.13, Sovereign Trust Insurance depreciated by 9.76 per cent to 37 Kobo, Chams contracted by 9.64 per cent to N1.50, and RT Briscoe receded by 9.62 per cent to 47 Kobo.

Yesterday, the banking, insurance and consumer goods indices finished lower by 1.51 per cent, 0.10 per cent, and 0.03 per cent, respectively, while the energy and industrial goods sectors closed flat.

A total of 406.7 million shares worth N6.7 billion exchanged hands in 8,439 deals on the first trading session of the week, in contrast to the 140.8 million shares worth N9.4 billion traded in 6,934 last Friday, indicating a decline in the trading value by 28.72 per cent, and a rise in the trading volume and the number of deals by 188.14 per cent, and 21.70 per cent apiece.

Access Holdings ended the session as the busiest after trading 201.3 million shares worth N3.4 billion, Transcorp exchanged 38.2 million stocks worth N435.8 million, Zenith Bank transacted 15.3 million equities valued at N484.7 million, Nigerian Breweries sold 13.7 million shares worth N316.3 million, Jaiz Bank sold 13.7 million worth N30.2 trillion.

By Dipo Olowookere

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