NASD OTC market drops 0.79% after CSCS loss

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded 1.71% on Wednesday following the announcement of the launch of the second tranche of its buyback program by Dangote Cement.

The stock market had recorded its first loss of 2022 on Tuesday but returned to bullish territory the next day after the Information on the acquisition of Dangote Cement.

This pushed the All-Share Index (ASI) higher by 749.52 points to 44,608.82 points from 43,859.30 points and increased the market capitalization from N403 billion to N24,034 trillion. against 23,631 trillion naira.

The stock market closed the mid-week session with 24 price gains led by Jaiz Bank and Academy Press, which rose 10.00% each to 66 kobo and 66 kobo respectively.

Unity Bank appreciated 8.70% to 50 kobos, Sovereign Trust Insurance rose 8.33% to trade at 26 kobos, while Mutual Benefits appreciated 7.41% to 29 kobos.

However, there were 15 price losers yesterday, led by Consolidated Hallmark Insurance and Regency Insurance, which fell 8.70% to 63 kobo and 42 kobo each, respectively.

Additionally, Sunu Insurance depreciated 8.11% to trade at 34 kobo, AIICO Insurance was down 3.70% at 78 kobo, while Neimeth was down 3.23% at 1.80 naira. .

Unlike the previous session, only the insurance sector closed lower on Wednesday, down 0.49%.

The industrial goods space increased by 3.06%, the energy meter gained 1.37%, the banking index improved by 0.39%, while the consumer goods sector gained increased by 0.14%.

Despite the growth seen by the exchange yesterday, the level of activity was not impressive as the volume and value of transactions decreased by 9.58% and 43.53% respectively, while the number of transactions increased. by 0.02%.

A total of 266.3 million shares worth N3.8 billion were traded in 4,502 trades yesterday, compared to 294.5 million shares worth N6.8 billion traded in 4,501 transactions the day before.

A closer look at the chart showed that Transcorp dominated trading on Wednesday, closing as the most active with turnover of 89.0 million shares valued at N89.9 million.

FBN Holdings traded 30.5 million shares worth N365.7 million, Jaiz Bank traded 14.2 million shares for N9.0 million, Sterling Bank traded N11.7 million of shares for N17.7 million, while GTCO traded 9.8 million shares worth N250.3 million.

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