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Gains in 29 stocks lift NGX capitalisation further by N7 billion

By Helen Oji
23 February 2022   |   3:40 am
Price gains in 29 stocks yesterday sustained the bullish profile of the Nigerian Exchange Limited (NGX) as market capitalisation increased further by N7 billion.

Price gains in 29 stocks yesterday sustained the bullish profile of the Nigerian Exchange Limited (NGX) as market capitalisation increased further by N7 billion.

At the close of trading yesterday, the All Share Index (ASI), which measures the performance of quoted companies, rose by 12.99 points, representing an increase of 0.03 per cent to close at 47,246.90 points.

Similarly, market capitalisation of listed equities gained N7 billion to close at N25.464 trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Berger Paints Nigeria, May & Baker Nigeria, Eterna, Guaranty Trust Holding Company (GTCO) and Africa Prudential.

On market outlook, GTI Securities Limited said: “It is expected that the market’s trading activities will maintain the current trend. Also, the week may experience continuous gains, as more stocks release their financial statements with investors taking their best bets. Economic trends like the circumstances surrounding oil prices can also be a determining factor for most investments.”

Analysts at Vetiva Dealings and Brokerage said: “We are likely to see continued dominance of banking names in the activity chart amid mixed market sentiments in that space, while investors trade in line with corporate disclosures as seen in UCAP.”

Market sentiment, as measured by market breadth, was positive as 29 stocks declined, relative to 18 gainers. Learn Africa and Niger insurance recorded the highest price gain of 10 per cent each to close at N2.42 and 20 kobo respectively, while SCOA Nigeria followed with a gain 9.79 per cent to close at N2.58, per share.

May & Baker Nigeria and Cutix rose by 9.65 per cent each to close at N5 and N2.84 kobo, while Royal Exchange appreciated by 9.47 per cent to close at N1.04 kobo.

On the other hand, Ellah Lakes led the losers’ chart by 9.88 per cent to close at N3.83 kobo. Veritas Kapital Assurance followed with a decline of eight per cent to close at 23 kobo while Courteville Business Solutions depreciated by 5.56 per cent to close at 51 kobo.

Guinness Nigeria declined by 5.34 per cent to close at N70.05 kobo while Neimeth International Pharmaceuticals depreciated by 4.76 per cent to close at N1.80 kobo.

Meanwhile, the total volume of trades rose marginally by 0.09 per cent to 421.821 million units, valued at N5.155 billion, and exchanged in 5,992 deals.

Transactions in the shares of United Capital topped the activity chart with 66.098 million shares valued at N889.150 million. Transnational Corporation of Nigeria (Transcorp) followed with 53.531 million shares worth N66.282 million.

Zenith Bank traded 51.634 million shares valued at N1.392 billion.

Fidelity Bank traded 44.370 million shares valued at N137.732 million, while Access Bank transacted 26.777 million shares worth N277.974 million.

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