NGX closes November positive with N183 billion gains

Renewed investors’ appetite in the shares of MTN Nigeria (MTNN) and 20 stocks aided the Nigerian Exchange Limited (NGX) to stage a rebound in the last trading session of the month of November as capitalisation increased by N183 billion.

Yesterday, the All Share Index (ASI) rose by 337.07 absolute points, representing a gain of 0.71 per cent to close at 47,660.04 points. Accordingly, investors gained N183 billion in value as market capitalisation went up to N25.959 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), United Capital, UAC of Nigeria (UACN), PZ Cussons Nigeria and Nigerian Exchange Group (NGXGroup).

Analysts at Vetiva Dealings and Brokerage said: “After five consecutive m/m declines in the All-Share index, the market closed the month of November with an 8.72% return, despite the rocky start to the month. We foresee tepid, bearish sessions going into the final lap of the year, due to the sell-offs expected during the festive season.

Also, market breadth closed positive as 21 stocks posted gains while nine stocks posted declines. Wema Bank recorded the highest price gain of 10 per cent to close at N3.30, per share. UACN followed with a gain of 9.95 per cent to close at N10.50, while Academy Press went up by 9.45 per cent to close at N1.39, per share.

United Capital went up by 8.10 per cent to close at N13.35, while Associated Bus Company appreciated by 8.00 per cent to close at 27 kobo, per share. ABC Transport appreciated by eight per cent to close at 27 kobo.

Union Bank gained 4.80 kobo to close at N6.55 kobo. PZ Cussons added 4.74 per cent to close at N9.95 kobo. MTN Nigeria garnered 3.80 per cent to close at N218.50 kobo. Accesscorp also appreciated by 3.66 to close at N8.50 kobo.

On the other hand, Royal Exchange led the losers’ chart by 10 per cent to close at 63 kobo, per share. Red Star Express followed with a decline of 9.25 per cent to close at N2.06, while Prestige Assurance went down by 8.51 to close at 43 kobo, per share.

Nigerian Breweries lost 7.08 per cent to close at N42.00, while R.T. Briscoe Nigeria shed 6.90 per cent to close at 27 kobo, per share. RT Briscoe lost 6.90 kobo to close at 27 kobo.

Sunu Assurance dropped 3.57 per cent to close at 27 kobo. Japaul Gold depreciated by 3.57 per cent to close at 27 kobo. Cornerstone Insurance shed 1.96 per cent to close at 50 kobo. Sterling Bank also dropped 70 kobo to close at N1.42 kobo.

The total volume traded declined by 11.51 per cent to 107.020 million shares, worth N1.319 billion, and traded in 3,227 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 12.529 million shares valued at N139.637 million.

Fidelity Bank followed with 10.253 million shares worth N42.197 million, while Zenith Bank traded 8.040 million shares valued at N174.545 million.

Wema Bank traded 5.856 million shares valued at N18.509 million, while Stanbic IBTC Holdings transacted 5.058 million shares worth N154.530 million.