Investors Gain N100bn as Global Stock Markets Rebound amid Trump’s Tariffs Rattles

Kayode Tokede  

Investors on the Nigerian Exchange Limited (NGX) yesterday gained N100 billion as the major stock markets rebounded amid President Donald Trump tariffs rattles in global markets.

Reuters in a report stated that the World markets won a reprieve after three days of heavy selling that wiped trillions of dollars off the value of shares, but caution prevailed with focus on whether Washington might be willing to negotiate on some of its aggressive tariffs.

According to the report, the Asia stocks bounced off 1-1/2-year lows, European shares rallied over 1.5per cent and U.S. stock futures pointed to a positive open for Wall Street where shares had fallen to their lowest in over a year the previous day before steadying.

However, the NGX All Share Index (ASI) gained by 159.86 basis points or 0.15 per cent to close at 104,376.73 basis points. Consequently, the Month-to-Date and Year-to-Date returns settled at -1.2per cent and +1.4per cent, respectively.

Also, market capitalisation gained N100 billion to close at N65.589 trillion.

Analysing by sectors, the NGX Insurance Index depreciated by 4.1per cent, NGX Consumer Goods was down by 0.2per cent, and NGX Industrial Goods dipped by 0.1 per cent, while the NGX Banking index gained 1.9 per cent. The NGX Oil & Gas index, however, remained unchanged.

Despite the rebound, market breadth was negative, as 16 stocks advanced against 42 decliners. Secure Electronic Technology recorded the highest price gain of 8.89 per cent to close at 49 kobo, per share. Abbey Mortgage Bank followed with a gain of 8.35 per cent to close at N5.58, while Sterling Financial Holdings Company up by 6.85 per cent to close at N5.15, per share.

VFD Group rose by 5.26 per cent to close at N66.00, while Mutual Benefits Assurance up by 4.55 per cent to close at 92 kobo, per share.

On the other hand, Nigerian Aviation Handling Company (NAHCO) led the losers’ chart by 9.94 per cent to close at N62.95, per share. NEM Insurance followed with a decline of 9.92 per cent to close at N11.80, while Lasaco Assurance declined by 9.86 per cent to close at N1.92, per share.

Royal Exchange depreciated by 9.78 per cent to close at 83 kobo, while UPDC  declined by 9.76 per cent to close at N2.68, per share.

Also, the total volume traded increased by 3.71 per cent to 460.565 million units, valued at N10.105 billion, and exchanged in 14,528 deals. Transactions in the shares of Access Holdings topped the activity chart with 56.498 million shares valued at N1.185 billion. GTCO followed with 51.556 million shares worth N3.430 billion, while Fidelity Bank traded 24.067 million shares valued at N431.615 million.

FCMB Group traded 23.346 million shares valued at N208.101 million, while United Capital sold 23.305 million shares worth N319.858 million.