NGX extends gains as capitalisation rises further by N25 billion

Transactions on the Nigerian Exchange Limited (NGX) remained bullish, extending the positive sentiments to three consecutive trading sessions yesterday, as market capitalisation increased further by N25 billion.

Specifically, the All-Share Index (ASI) grew by 48.54 absolute points, representing a growth of 0.12 per cent, to close at 40,765.20 points. Similarly, the market capitalisation increased by N25 billion to close at N21.242 trillion.

Analysts at Vetiva Dealings and Brokerage said: “As expected, market traded mixed as investors cherry-pick attractive counters across board from small to large cap names with continued interest in the banking space, particularly in FBNH. We expect this to filter into tomorrow’s trading session amid improved activity levels.”

Yesterday’s upturn was buoyed by investors’ buy-interests in banking and industrial sectors among which are, FBN Holdings (FBNH), Northern Nigeria Flour Mills (NNFM), UAC of Nigeria (UACN), Lafarge Africa and Africa Prudential.

However, the market breadth closed negative, recording 20 losers and 19 gainers.

FBNH recorded the highest price gain of 7.78 per cent, to close at N9.70 kobo. University Press followed with a gain 7.38 per cent to close at N1.31 kobo. NNFM appreciated by 6.49 per cent to close at N8.20 kobo.
Livestock Feeds went up by 5.38 per cent to close at N2.35 kobo while Universal Insurance appreciated by five per cent to close at 21 kobo.

On the other hand, Pharma Deko Plc led the losers’ chart by 6.01 per cent to close at N2.66 kobo. Associated Bus Company followed with a decline of 5.71 per cent to close at 33 kobo while Regency Alliance Insurance shed 4.88 per cent to close at 39 kobo.
Chams shed 4.55 per cent to close at 21 kobo, while Sovereign Trust Insurance depreciated by 4.17 per cent to close at 23 kobo, respectively.

In contrast to the market indicators, the total volume of trades dipped by 7.47 per cent to 400.652 million shares, worth N3.479 billion, and traded in 5,145 deals. Transactions in the shares of FBNH topped the activity chart with 108.741 million shares valued at N1.073 billion.

Transnational Corporation of Nigeria (Transcorp) followed with 39.676 million shares worth N38.381 million, while Ecobank Transnational Incorporated (ETI) traded 32.783 million shares valued at N189.907 million.

United Bank for Africa (UBA) traded 25.269 million shares valued at N204.443 million, while Fidelity Bank transacted 19.898 million shares worth N51.238 million.