Gains in 32 stocks lift market capitalisation by N128 billion
Following gains in 32 stocks, transactions on the Nigerian Exchange Limited (NGX) reopened on an upward note yesterday, as investors’ wealth appreciated by N128 billion.
At the close of transactions yesterday, the all-share index (ASI) rose by 236.49 points, representing an increase of 0.51 per cent to close at 46,867.95 points while the overall market capitalisation value gained N128 billion to close at N25.267 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications, Zenith Bank, UACN, Lafarge Africa and United Capital.
On market performance, GTI Securities Limited said: “Stock market activities began the week bullish, as bargain hunting in large and medium capitalised stocks prevailed. However, we expect to witness mixed sentiment in the coming days as investors continue to monitor economic trends.”
Vetiva Dealings and Brokerage said: “Market started the week strong as seen in the number of gainers versus decliners, as investors took advantage of last week’s bearish trend. We expect to see further recovery in the sectors given current price levels.”
Sentiment, as measured by market breadth, was positive as 32 stocks declined while 13 others gained. Nigerian Aviation Handling Company (NAHCO) recorded the highest price gain of 10 per cent to close at N5.50 kobo.
UACN followed with a gain 9.9 per cent to close at N11.10 kobo while Meyer Plc rose by 9.73 per cent to close at N1.24 kobo.
Royal Exchange went up by 9.47 per cent to close at N1.04 kobo while Learn Africa appreciated by 9.25 per cent to close at N1.89 kobo.
On the other hand, Academy Press led the losers’ chart by 9.6 per cent to close at N1.60 kobo. Mutual Benefits Assurance followed with a decline of 7.69 per cent to close at 24 kobo. Japaul Gold and Ventures depreciated by 5.88 per cent to close at 32 kobo.
Multiverse Mining and Exploration declined by 5.88 per cent to close at 32 kobo. Prestige Assurance depreciated by 4.44 per cent to close at 43 kobo.
The total volume of trades increased by 45.8 per cent to 224.6 million units valued at N3.8 billion and exchanged in 5,946 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 43.2 million shares valued at N994.2 million. Zenith Bank followed with 31.1 million shares worth N740.2 million, while Sterling Bank traded 23.4 million shares valued at N35.1 million.
Fidelity Bank traded 13.8 million shares valued at N51.2 million while Access Holdings transacted 12.4 million shares worth N124.7 million.