Stock market indicators rebound marginally on bargain hunting
As GTBank commences closed period
Trading activities on the Nigerian Stock Exchange rebounded by 0.44 per cent on Wednesday, as investors engaged in bargain hunting.
The industrial and insurance indicators contributed significantly to the day’s overall marginal growth as both indices improved by 0.79 and 0.69 percent respectively owing to gains recorded in Dangote Cement that gained 1.94 per cent while Neimeth, Linkage Assurance, NEM Insurance, Wapic and AIICO gained 4.62 per cent, 4.55 per cent, 4.31 per cent and 2 per cent respectively.
The All Share Index, however, reclaimed the 35,000 benchmark to close at 35,103.40 points, following a gain of 152.13 points or 0.44 per cent, and the market capitalisation likewise appreciated by N52.4billion to close at N12.101 trillion.
Morison Industries led the day’s 22 losers with a depreciation of 8.33 percent and closed at 66 kobo per share, UAC-Prop was next with a decline of 5 percent to close at N2.85 per share and UPL declined 4.81 per cent to close at N2.57 per share.
The day’s top three gainers were Champion Breweries, Neimeth and Linkage Assurance that added 8.14 per cent, 4.62 per cent and 4.55 per cent to close at N2.39, 68 kobo and 69 kobo respectively.
The volume of shares exchanged in 2,860 deals reduced to 136.4 million units of shares compared to 500.3 million units exchanged in 3,120 deals by investors during Tuesday’s session.
The total value of shares sold also decreased to N1.3bn as against N3.6bn worth of equities transacted previous session.
Jaiz Bank was the most active, exchanging 35.9 million shares valued at N26.1m
Meyer followed, with the sale of 20.0 million shares worth N14.0m, while FBN Holdings traded 6.7 million shares valued at N36.7m.
Diamond Bank sold 5.4 million shares worth N6.0million and Access traded 4.9 million shares valued at N46.2 million.
Meanwhile, GTBank will from September 29 2017 commence a closed period for trading in the bank’s shares.
The closed period is in respect of the Unaudited Financial Statements for Q3’17.
In regards to this, the Board of Directors for GTBank will meet on Wednesday, October 18, 2017, to consider the unaudited financial statements for the third quarter ended September 30, 2017.
The bank, in statements filed via the Nigerian Stock Exchange and signed by the Company Secretary, Erhi Obebeduo confirmed both developments, noting that the closed period and board meeting are in line with the post-listing requirements of the NSE for quoted companies.
Afolabi Adesola
