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NAHCO, Julius Berger others lead NGX N12 billion gain

By Helen Oji
08 July 2022   |   2:38 am
Following gains recorded by many blue chips, especially Nigerian Aviation Handling Company (NAHCO) and Julius Berger, the Nigerian equities market reversed losses

Nigerian Aviation Handling Company (NAHCO) Plc. Photo: INVESTOGIST

Following gains recorded by many blue-chips, especially Nigerian Aviation Handling Company (NAHCO) and Julius Berger, the Nigerian equities market reversed losses, to close in an upbeat yesterday, as market capitalisation increased by N12 billion.

In summary, the All-Share Index (ASI) grew by 7.19 absolute points, representing a rise of 0.01 per cent, to close at 51,563.73 points. Similarly, the overall market capitalisation value gained N12 billion to close at N27.807 trillion.

The market’s positive performance was driven by price appreciation in large and medium-capitalised stocks which are; Nigerian Aviation Handling Company (NAHCO), Julius Berger, Champion Breweries, Honeywell Flour Mills and Access Holdings.

GTI Securities Limited said “Stock market closed transactions for yesterday flat, as bargain hunting and indecisiveness continues to trail the market. We expect cautious trading to continue throughout the week.”

Vetiva Dealing and Brokerage said: “We expect another mixed close to the week, as investors continue to trade cautiously while still selectively picking up fundamentally sound names at attractive entry points.”

The market breadth closed positive as 15 stocks gained relative to 10 stocks that declined. Academy Press recorded the highest price gain of 9.55 per cent to close at N1.72 per share.

NAHCO followed with a gain of 9.41 per cent to close at N9.30, while FTN Cocoa processors gained 9.38 per cent to close at 35 kobo, per share.

Honeywell Four Mills appreciated by 8.39 per cent to close at N2.97, while Ikeja Hotels rose by 8.20 per cent to close at N1.32, per share. Champion Breweries added 8.06 per cent to close at N3.89 kobo.

Unity Bank appreciated by 4.26 per cent to close at 49 kobo. Jaiz Bank rose by 3.70 per cent to close at 84 kobo. TransNational Corporation gained 2.40 per cent to close at N1.28 kobo. Julius Berger also increased by 2.26 per cent to lose at N27.10 kobo.

On the other hand, R.T. Briscoe Nigeria led the losers’ chart by 8.11 per cent to close at 34 kobo, per share. UACN Property Development Company (UPDC) followed with a decline of 7.87 per cent to close at N1.17, while Regency Alliance Insurance shed 7.14 per cent to close at 25 kobo, per share.

Japaul Gold and Ventures depreciated by 3.45 per cent to close at 28 kobo, while FBN Holdings (FBNH) dipped by 3.20 per cent to close at N10.60, per share. First City Monument Bank and Fidelity Bank lost 1.23 per cent to close at N3.20 kobo each while United Capital dropped 78 per cent to close at N12.70 kobo. United Bank for Africa (UBA) shed 67 per cent to close at N7.45 kobo. NGXGroup also declined by 67 per cent to close at N22.35 kobo.

Meanwhile, the total volume of trades rose by 5.94 per cent to 143.288 million units, valued at N1.756 billion, and exchanged in 3,874 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 42.104 million shares valued at N36.608 million.

Guaranty Trust Holding Company (GTCO) followed with 19.451 million shares worth N396.761 million, while Sterling Bank traded 9.414 million shares valued at N14.080 million.

United Bank for Africa (UBA) traded 6.868 million shares valued at N51.370 million, while NAHCO transacted 5.175 million shares worth N46.141 million.