Q3 results: NGX rebounds by 0.41%

The Nigerian stock market rebounded by 0.41 per cent on Thursday following investors’ interest in MTN Nigeria Communications (MTNN) and 20 others.

Speficially, the All-Share Index which opened at 41,789.59 rose by 171.55 points or 0.41 per cent to close at 41,961.14.

Consequently, month-to-date and year-to-date gains increased to 4.3 per cent and 4.2 per cent, respectively.

Also, the market capitalisation inched higher by N90 billion or 0.41 per cent to close at N21.898 trillion from N21.808 trillion on Wednesday.

Analysts attributed the rebound to investors reaction to the third quarter results released some companies at the exchange recently.

The positive performance of market was driven by price appreciation in large and medium capitalised stocks which are; Nigerian Breweries, Guinness, MTNN, Cadbury and Lafarge Africa.

Consequently, the market closed positive with 22 gainers as against 13 losers.

Cadbury, Guinness and University Press drove the gainers’ chart in percentage terms with 10 per cent each to close at N8.80, N33 and N1.98 per shaee, respectively.

AIICO Insurance followed with 9.71 per cent to close at N1.18, while Nigerian Breweries went up by 6.37 per cent to close at N54.25 per share.

Ecobank Transnational Incorporated rose by 6.21 per cent to close at N8.55, while UPDC Real Estate Investment Trust gained 6.21 per cent to close at N8.55, per share.

On the other hand, AXA Mansard Insurance led the laggards’ chart in percentage by 6.02 per cent to close at N2.34 per share.

Japaul Gold and Ventures followed with 4.44 per cent to close at 43k, while Courteville Business Solutions  lost 4.35 per cent to close at 44k per share.

Mutual Benefits Assurance lost 3.45 per cent to close at 28k, while NEM Insurance and Lasaco Assurance shed 2.50 per cent each to close at N1.95 and N1.17 per share, respectively.

Also, the total volume of trades rose by 96.38 per cent to 558.889 million shares valued at N4.40 billion in 4,683 deals.

This was in contrast with 284.60 million shares worth N3.20 billion transacted in 5,036 deals on Wednesday.

Transactions in the shares of FBN Holdings topped the activity chart with 75.46 million shares valued at N898.01 billion.

AIICO Insurance followed with 18.42 million shares worth N17.81 million, while ETI traded 17.32 million shares valued at N137.32 million.

Transcorp sold 15.21 million shares valued at N15.49 million, while Fidelity  Bank transacted 14.03 million shares worth N38.53 million.