NGX extends gains as market capitalisation rises further by N252bn
The Nigerian Exchange Limited (NGX) sustained its rising profile at the end of yesterday’s transactions, causing market capitalisation to appreciate further by N252 billion.
Specifically, at the close of transactions yesterday, the All-Share Index (ASI) increased by 483.68 absolute points, representing an increase of 1.12 per cent, to close at 43,730.55 points. Similarly, the overall market capitalisation value rose by N252 billion to close at N22.821 trillion.
The positive performance was driven by price appreciation in large and medium capitalised stocks which are, Airtel Africa, MTN Nigeria Communications (MTNN), Ardova, Lafarge Africa and UAC of Nigeria (UACN).
Analysts at Afrinvest Limited said: “In the subsequent trading session, we expect the positive sentiment to linger due to sustained interest in the ICT space.”
Vetiva Dealings and Brokerage firm said: “Market continued to ride on the positive sentiment in the telecoms space, improving YTD performance for the market significantly. We expect this to persist in the short-term, while investors trade cautiously in the broader market.”
Similarly, the market breadth closed positive, as 24 stocks appreciated at a price while 16 others constituted the losers’ chart. Associated Bus Company and FTN Cocoa processors recorded the highest price gain of 10 per cent each to close at 33 kobo and 44 kobo while Ardova Plc followed with a gain of 7.38 per cent to close at N14.55 kobo.
UACN appreciated by 7.14 per cent to close at N11.25 kobo while Livestock Feeds increased by 6.83 per cent to close at N2.19 kobo. On the other hand, Berger Paints Nigeria led the losers’ chart by 9.52 per cent to close at N8.55 kobo per share.
Caverton Offshore Support Group followed with a decline of 9.09 per cent to close at N1.70, while University Press declined by 7.39 per cent to close at N2.13, per share.
Regency Alliance Insurance declined by 6.82 per cent to close at 41 kobo, while Conoil Plc shed 5.65 per cent to close at N21.70 kobo. Total volume of trades declined by 36.72 per cep nt to 280.714 million units, valued at N3.476 billion, and exchanged in 4,342 deals.
Transactions in the shares of Sterling Bank topped the activity chart with 83.313 million shares valued at N125.056 million. UACN followed with 34.207 million shares worth N360.536 million, while Zenith Bank traded 17.478 million shares valued at N427.157 million.
United Capital traded 17.450 million shares valued at N169.807 million, while Access Bank transacted 15.273 million shares worth N144.366 million.