NGX posts N792 billion year-to-date gain

The Nigerian Exchange Limited (NGX), yesterday posted its highest gain year-to-date (YTD) gain, as investors’ wealth soared by N792 billion, buoyed by bargain hunting in Presco Plc and 33 others.

As a result, the all-share index (ASI) gained 1,300.01 points, representing a gain of 1.25 per cent to close at 105,530.74 points.

Also, market capitalisation rose by N792 billion to close at N64.351 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Presco, MTN Nigeria Communications (MTNN), Transcorp Hotels, Ecobank Transnational Incorporated (ETI) and Transnational Corporation (Transcorp).

Reacting to the market outlook, analysts at Afrinvest said: “Investor sentiment, as measured by market breadth, improved to 0.12x from -0.01x in the prior session as 35 stocks advanced, 27 declined.

We anticipate the market to close the final trading session for the week with a mild gain, driven by extended strategic portfolio positioning.

As measured by market breadth, market sentiment was positive, as 34 stocks gained relative to 25 losers. MTNN emerged as the highest price gainer of 10 per cent to close at N242.00, per share. Honeywell Flour Mills followed with a gain of 9.89 per cent to close at N9.11 kobo, while Universal Insurance advanced by 9.86 per cent to close at 78 kobo.

Transcorp Hotel gained 9.78 per cent to close at N127.35 kobo, while Ikeja Hotel was up by 9.31 per cent to close at N13.50 kobo.

On the other side, RT Briscoe Nigeria led others on the losers’ chart with 10 per cent to close at N2.34 kobo. SUNU Assurance followed with a decline of 9.99 per cent to close at N8.11 kobo, while The Initiates Plc (TIP) shed 9.68 per cent to close at N2.52 kobo.

UPDC lost 9.50 per cent to close at N1.81 kobo while Guinea Insurance depreciated by 8.08 per cent to close at 91 kobo.

The total volume traded declined by 35.28 per cent to 489.525 million units, valued at N13.069 billion, and exchanged in 13,010 deals. Transactions in the shares of Universal Insurance led the activity with 97.240 million shares worth N72.169 million.

AIICO Insurance followed with an account of 54.235 million shares valued at N104.178 million, while Sovereign Trust Insurance traded 24.991 million shares valued at N37.643 million.

FBN Holdings (FBNH) traded 16.227 million shares worth N500.357 million, while Guinea Insurance traded 14.626 million shares worth N13.921 million.