Equities Market Rebounds On Bargain Hunting Activities | Independent Newspapers Limited
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Equities Market Rebounds On Bargain Hunting Activities

Posted: Jun 30, 2016 at 2:22 pm   /   by   /   comments (0)


Bamidele Ogunwusi,



The equities market returned to winning ways at the close of trading on Wednesday when the twin market performance measures, the All Share Index and market capitalisation, appreciated by 0.80 per cent each.

The All Share Index appreciated by 237.67 basis points or 0.80per cent to close at 29.812.91 points as against 29,575.24 points recorded on Tuesday, while market capitalisation grabbed N79.627 billion to settle at N10.237 trillion as against N10.157 trillion recorded in the last trading day.

The bourse recorded 24 gainers against 15 recorded on Tuesday while 18 companies were on the losers’ table as against 34 the previous day. This resulted in an increase of most sectored gauges, save for the NSE Insurance Index which fell by 0.74 per cent.

Forte Oil led the gainers’ table when it added 303 kobo to close at N194.03 per share, followed by Julius Berger Nigeria which grabbed 242 kobo to close at N50.93 per share, 7 Up Bottling Company gained 200 kobo to close at N142.00 per share, Dangote Cement added 189 kobo to close at N194.00 per share, while Guaranty Trust Bank nicked 93 kobo to close trading at N23.25 per share, among others.

Conversely, shares of Ashaka Cements, Champion Breweries Plc, UAC Properties and Etranzact International depreciated by 105 kobo, 23 kobo, 22  kobo and 19 kobo to close at N19.95, N4.46, N4.28 and N16.51 respectively.

The Bottling Company posted a 3.86 per cent increase in turnover to N85.63 billion. However, following a 16.64 per cent increase in cost of goods sold to N60.62 billion and a 31.94 per cent rise in finance cost to N3.24 billion, profit after tax plunged by 53.02 per cent to N3.34 billion.

Like it did on Tuesday, Transnational Corporation emerged the most traded equity with an exchange of 52.972 million shares worth N94.560 million.  It was trailed by Access Bank; having accounted for 45.574 million shares valued at N264.268 million, while United Bank for Africa sold 38.476 million shares worth N183.037 million, Guaranty Trust Bank exchanged 35.811 million shares valued N829.103 million while FBN Holdings traded 30.184 million shares worth N120.281 million.

Nigerian Interbank Treasury Bills True Yields (NITTY) moved in mixed directions across the maturities -yields on one month fell to 6.92 per cent while the yield on 3 months rose to 10.44 per cent.

Meanwhile, Nigerian interbank offered rates mellowed across the tenor buckets on liquidity ease -NIBOR overnight, one month and three months maturities fell to 14.47 per cent, 13.56 per cent and 15.69 per cent respectively.

Bond prices moved in mixed directions across the maturities- 10-year, 16.39 percent FGN January 2022 paper fell by N0.02 (yield rose to 14.16 percent) while the 16.00 percent FGN June 2019 debt rose by N0.30 (yield fell to 14.17 percent). Elsewhere, Nigeria’s eurobond prices increased across all maturities on bargain hunting activity – 5-year, 5.13 percent JUL 12, 2018 bond and 10-year, 6.38 percent July 12,