The Nigerian Exchange Limited (NGX) reversed losses to close in an upbeat, yesterday, as market capitalisation appreciated by N314 billion, amid bargain hunting in Beta Glass Plc and 39 others.
The all-share index (ASI) gained by 501.14 points, representing a growth of 0.46 per cent to close at 108,762.61 points. Also, market capitalisation rose by N314 billion to close at N68.357 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Beta Glass, Oando, Nigerian Breweries, Transnational Corporation (Transcorp) and Industrial and Medical Gases.
On market outlook, Afrinvest Limited said: “We expect the bourse to sustain the positive momentum, due to Q1 earnings-driven improved valuation of major tickers and muted activities in the primary market segment for fixed income papers this week.”
Vetiva Dealings and Brokerage said:”The market looks like it’s finding its footing again — investors are hunting for bargains, jumping on fundamentally sound names. If this steady flow of interest across different sectors keeps up, we could see prices climb further.”
Investor sentiment, as measured by market breadth improved as 40 stocks advanced, while 24 declined. Chellaram and Oando recorded the highest price gain of 10 per cent each to close at N11.44 kobo and N49.50 kobo respectively, while Transcorp followed with a gain of 9.99 per cent to close at N46.25 kobo.
Beta Glass rose by 9.96 per cent to close at N194.30 kobo while Caverton Offshore Support Group up by 9.85 per cent to close at N3.68 kobo. On the other hand, Haldane McCall led the losers’ chart by 9.85 per cent to close at N4.21 kobo. Academy Press followed with a decline of 7.33 per cent to close at N4.30 kobo, while UPDC declined by 6.25 per cent to close at N3. ABC Transports depreciated by 6.13 per cent to close at N2.91 kobo, while NPF Microfinance Bank declined by 5.14 per cent to close at N2.03 kobo.
Meanwhile, the total volume traded rose by 20 per cent to 498.48 million units, valued at N10.782 billion, and exchanged in 14,916 deals. Transactions in the shares of Tantalizer topped the activity chart with 57.803 million shares valued at N131.323 million. Access Holdings followed with 36.792 million shares worth N784.432 million. Guaranty Trust Holding Company (GTCO) traded 31.844 million shares valued at N2.191 billion.
Fidelity Bank traded 23.398 million shares valued at N470.486 million, while Nigerian Breweries sold 21.033 million shares worth N1.08 billion.
