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NGX halts losses as eTranzact, Ardova others lift index by 0.1%

By Helen Oji
09 September 2022   |   5:12 am
Following gains recorded by many blue-chip stocks, including eTranzact and 19 and Ardova, the Nigeria Exchange Limited (NGX) halted three days of losses, to close in an upbeat yesterday, as the All-share Index appreciated by 0.1 per cent.

NGX Group building

Following gains recorded by many blue-chip stocks, including eTranzact and 19 and Ardova, the Nigeria Exchange Limited (NGX) halted three days of losses, to close in an upbeat yesterday, as the All-share Index appreciated by 0.1 per cent.

The market capitalisation of listed equities increased by 0.1 per cent to N26.781 trillion from N26.753 trillion reported the previous day. The ASI also appreciated by 52.52 basis points to 49652.25 points from 49599.73 points reported the previous day.

Investors traded 161.882 million shares valued at N1.626 billion in 3541 deals against 128.941 million shares worth N1.668 billion in 3426 deals.

On market outlook, analysts at GTI Securities Limited said that “trading activity ended bullish halting the three days of negative sentiment, the consumer goods sector, however, was the only sector that recorded a negative sentiment. We expect cautious trading to continue amongst investors.”

Vetiva Dealings and Brokerage said: “Earnings reports and interim dividend announcements remain key drivers in the banking sector, and with UBA’s H1’22 result where both gross earnings and PAT grew by 18 per cent and 16 per cent respectively, we saw the stock closing the session higher by 139 bps. Meanwhile, four out of the top five traded counters were banking names and we expect this trend to close the week.”

eTranzact led the gainers table, adding 9.81 per cent to close at 26 kobo. Ardova Plc followed with a gain of 8.94 per cent to close at N1.10 kobo. Chams Plc added 7.41 per cent to close at 29 kobo. FTNCocoa added 7.14 per cent to close at 30 kobo. Union Bank of Nigeria Plc appreciated by 7.14 per cent to close at N6.

Fidelity Bank added 4.96 per cent to close at N3.60 kobo. Cutix gained 3.92 per cent to close at N2.12 kobo. AIICO appreciated by 3.70 per cent to close at 56 kobo. Mutual Benefit Assurance garnered 3.57 per cent to close at 29 kobo. Jaiz Bank appreciated by 3.49 per cent to close at 89 kobo.

On the price movement chart, Vitafoam Nigeria Plc topped losers’ chart, declining by 9.96 per cent to close at N21.25 kobo. Multiverse trailed with a loss of 9.92 per cent to close at N2.36 kobo. Champion Breweries fell by 4.16 per cent to close at N3.65 kobo. Africa Prudential Plc was down by 3.51 per cent to close at N5.50 kobo. Honey Well Flour dipped by 2.72 per cent to close at N2.50 kobo. Mansard lost 2.17 per cent to close at N1.80 kobo. Access Corp depreciated by 1.14 per cent to close at N8.65 kobo. International Breweries declined by 1.00 per cent to close at N4.95 kobo. Sterling Bank also shed 68 per cent to close at N1.47 kobo.

Transnational Corporation of Nigeria was the toast of investors during the day, exchanging 30.967 million shares valued at N34.444 million, Fidelity Bank followed with an account of 28.707 million shares valued at N101.715 million.

Sterling Bank traded 19.815 million shares cost N29.117 million, FCMB group exchanged 11.506 million shares cost N37.95 million, United Bank for Africa exchanged 9.404 million shares cost N67.84 million.

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