Investors earn N30 billion as bulls upstage bears at NGX

Investors’ renewed appetite in many blue-chip stocks, aided the Nigerian Exchange Limited (NGX) to reverse its negative streak to close in an upbeat yesterday, causing market capitalisation to increase by N30 billion.

At the close of transactions yesterday, market capitalisation of listed equities increased by 0.15 per cent to N20.099 trillion from N20.069 trillion traded on the previous day.

The All Share Index also appreciated by 57.41 basis points to 38564.70 points from 38507.29 points reported on Tuesday. Investors traded 302.722 million shares valued at N2.809 billion in 4387 deals against 297.346 million shares worth N3.649 million exchanged hands in 4402 deals.

Analysts at Afrinvest Research said: ”We expect market sentiment to be a mix of bargain hunting and profit-taking in tomorrow’s (today) trading session.

For Vetiva Dealing & Brokerage: “After another session of profit taking and bargain hunting, the market ended the mixed session in the green. Tomorrow (today), we expect a similar trading pattern with investors cherry picking attractive stocks and selling off mild gainers.”

An analysis of the investment showed that Cornerstone Insurance led the gainers’ chart with 10 per cent to close at 55 kobo while Morison Industries followed with a gain of 9.68 per cent to close at N1.36 kobo.

Learn Africa added 6.52 per cent to close at 98 kobo. Africa Prudential gained 5.79 per cent to close at N6.40 kobo. Courteville Business Solution increased by 5.0 per cent to close at 21 kobo.

On the contrary, Abbey Mortgage Bank topped losers’ chart, dropping by 9.52 per cent to close at 95 kobo. Chi Plc trailed with a loss of 9.46 per cent to close at 67 kobo. CWG Plc fell by 7.26 per cent to close at N1.15 kobo. Wapic Insurance dipped by 7.02 per cent to close at 53 kobo while Regal Insurance declined by 6.25 per cent to close at 45 kobo.

The result further indicated that Sterling Bank Plc was the most active stock during the day, trading 37.473 million shares valued at N57.825 million. Ecobank Transnational Incorporated followed with account of 27.396 million shares cost N142.467 million.

Wema Bank traded 27.146 million shares worth N15.001 million Guaranty Trust Bank exchanged 26.491 million shares valued at N745.342 million while Japaul Gold sold a total of 22.136 million shares cost N11.040 million.