Bulls sustain lead as index edges up by 1.5%

The dominance of the bulls continued unabated at the end of transactions yesterday on the equities sector of the Nigerian Exchange Limited (NGX) as the all-share index gained 1.5 per cent amid price appreciation in MTN Nigeria Communications (MTNN) Plc and 34 others.

Yesterday, the market capitalisation appreciated by N837 billion to close at N58.533 trillion.

ASI gained 1,479.60 points, representing a gain of 1.45 per cent to close at 103,524.44 points.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are MTNN, Transcorp Power, Julius Berger, United Bank for Africa (UBA) and Zenith Bank.
Analysts at Vetiva Dealings and Brokerage said: “A total of ten banking stocks closed in the green today, posting a remarkable d/d gain of 536bps. With some of these counters still trading below their intrinsic value, we might see demand remain elevated in that space.”

As measured by market breadth, market sentiment was positive, as 35 stocks gained relative to 14 losers. UBA emerged as the highest price gainer of 10 per cent to close at N25.30 kobo.

MTNN followed with a gain of 9.98 per cent to close at N243.50 kobo while Julius Berger rose by 9.71 per cent to close at N61.

Access Holdings increased by 9.51 per cent to close at N22.45 kobo while Veritas Kapital Assurance added 9.38 per cent to close at 70 kobo.

On the other hand, Tantalizer led others on the losers’ chart with 7.89 per cent to close at 35 kobo. NASCON Allied Industries followed with a decline of 6.77 per cent to close at N53.70 kobo while Morison Industries shed 6.62 per cent to close at N1.41 kobo.

C&I Leasing lost 6.45 per cent to close at N3.48 kobo while Cutix depreciated by 6.30 per cent to close at N2.53 kobo.
The total volume traded increased by 29.50 per cent to 565.788 million units, valued at N14.234 billion, and exchanged in 11,519 deals.

Transactions in the shares of Transnational Corporation (Transcorp) led the activity with 170.718 million shares worth N3.135 billion.

Access Holdings followed with an account of 48.572 million shares valued at N1.059 billion, while Guaranty Trust Holding Company (GTCO) traded 39.035 million shares valued at N1.658 billion.

Jaiz Bank traded 36.784 million shares worth N72.514 million, while UBA traded 31.957 million shares worth N796.236 million.