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Equities reverse losses as Cutix, 17 others lift indices by N112 billion

By Helen Oji
17 November 2021   |   1:43 am
Bargain hunting in the shares of Cutix and 17 others, pushed the Nigerian Exchange Limited (NGX) to close on an upbeat yesterday, as market capitalisation increased by N112 billion.

Nigerian Exchange Group (NGX)

Bargain hunting in the shares of Cutix and 17 others, pushed the Nigerian Exchange Limited (NGX) to close on an upbeat yesterday, as market capitalisation increased by N112 billion.

In summary, the All-Share Index (ASI) rose by 213.86 absolute points, representing an increase of 0.49 per cent, to close at 43,444.20 points. Similarly, the overall market capitalisation value gained N112 billion to close at N22.672 trillion.

The positive performance was driven by price appreciation in large and medium capitalised stocks which are, Airtel Africa, Cutix, FBN Holdings (FBNH), United Bank for Africa (UBA) and University Press.

Analysts at Vertiva Dealings and Brokerage said: “Today, the market recovered from consecutive negative closes amid an even split between buying and sell-offs activities.

“Barring any significant cross trade activity in tomorrow’s session, we expect the market to trade mixed as investors continue to bargain hunt across sectors.”

Meanwhile, market breadth was at par as 18 stocks advanced in price while 18 others constituted the losers’ chart. Cutix recorded the highest price gain of 8.33 per cent to close at N3.25 kobo while Cornerstone Insurance followed with a gain 7.69 per cent to close at 56 kobo. Consolidated Hallmark Insurance went up by 6.90 per cent to close at 62 kobo. Royal Exchange increased by six per cent to close at 53 kobo.

Regency Alliance Insurance also gained 5.26 per cent to close at 40 kobo. On the other hand, Total Nigeria led the losers’ chart by 9.97 per cent to close at N216.80 kobo. Mutual Benefits Assurance followed with a decline of 6.90 per cent to close at 27 kobo.

Linkage Assurance lost 5.36 per cent to close at 53 kobo while AXA Mansard Insurance and Chams shed 4.35 per cent each to close at N2.20 and 22 kobo.

Also, the total volume of trades rose by 44.44 per cent to 423.834 million units, valued at N11.650 billion, and exchanged in 4,181 deals.

Transactions in the shares of FBNH topped the activity chart with 223.584 million shares valued at N2.758 billion. Sterling Bank followed with 32.480 million shares worth N48.735 million, while Transnational Corporation of Nigeria (Transcorp) traded 24.667 million shares valued at N24.472 million.

Guaranty Trust Holding Company (GTCO) traded 20.842 million shares valued at N564.222 million, while Jaiz Bank transacted 15.925 million shares worth N10.336 million.

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