Bargain Hunting Investors Snap Up Over 33m Units Of FBN, Transcorp, Fidelity Shares In Bear Market
Equities investors looked beyond the prevailing bear market to snap up millions of units of the shares of First Bank of Nigeria Holdings, Transcorp Plc, and Fidelity Bank Plc at prices higher than the opening levels.
With 11.39 million units traded at 0.5 percent or 5 kobo above N10.50 per share opening price, FBNH seemed to attract the interest of investors the most followed by Transcorp Plc with 11.307 million units exchanged at a 0.9 percent or 1 kobo gain to close higher at N1.11 per share. Fidelity Bank Plc also tickled investors’ fancy as they grabbed 10.337 million units of the shares which gained 1.2 percent or 5 kobo to close at N4.10 per share.
The volume of trades in the three most traded equities accounted for 31.92 percent of the total volume of 103.47 million shares valued at N1.2 billion exchanged in 3,045 deals.
Improved investor sentiments notwithstanding, the volume and value of shares traded fell 44.7 percent and 53.2 percent lower to 103.47 million units and N1.2 billion respectively.
However, twin performance indicators of the All Share Index and Market Capitalisation closed lower due to losses recorded in the shares of WAPCO Plc (-9.66%), ACCESSCORP (-0.61%), and FCMB Plc (-2.7%) which eroded gains recorded by BUAFOODS (+1.16%), ZENITHBANK (+0.75%), GTCO (+2.26%) and FBNH (+0.48%).
Consequently, the benchmark index declined marginally by 0.02 percent to close at 43,808.25 points while market capitalization shed ₦17.67 billion to close at ₦23.86 trillion.
Analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 53.20%.
FBNH (+0.48%) led the volume chart with 11.39m units traded while BUAFOODS (+1.16%) led the value chart in deals worth ₦221.59m.
LEARNAFRICA (+10.00%) topped 11 others on the gainer’s table, while WAPCO (-9.96%) led nine others on the loser’s table.
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