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NGX sustains bullish profile as index inches further by 0.7 per cent

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The Nigerian Exchange Limited (NGX) sustained rising profile, as more blue-chip stocks appreciated at price, resulting to a further increase in the All-share index by 0.7 per cent.

At the close of transactions yesterday, the ASI rose by 271.84 points or 0.7 per cent from 39,176.62 recorded on Tuesday to 39,448.46 yesterday, while market capitalisation increased by N142 billion from N20.411 trillion to N20.553 trillion.

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On the price movement chart, 20 stocks recorded price appreciation while 14 constituted the losers’ chart.

Pharm deko emerged the day’s highest price gainer with 9.17 per cent to close at N1.19 kobo while Neimeth followed with 8.61 per cent to close at N1.64 kobo. Ikeja Hotel added 7.69 per cent to close at N1.40 kobo. Livestock feeds also improved by 6.84 per cent to close at N2.03 kobo. Linkage Assurance rose by 6.78 per cent to N0.63 kobo.

However, FTN Cocoa led the losers’ chart with 8.89 per cent to close at 41 kobo while Wema Bank followed with 7.32 per cent to close at N76 kobo. May&Baker lost 6.38 per cent to close at N4.40 kobo while Mutual Benefit depreciated by 5.56 per cent to close at 34 kobo. Veritas Kapital dipped by 4.17 per cent to N0.23 kobo.

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Analysts at Investdata Consulting Limited said: “We expect the mixed trend to continue, as investors play defensive stocks and high cap companies that control an estimated 60 per cent of the market in the face of ongoing portfolio reshuffling and interpretation of the corporate earnings ahead of the July inflation.

“We note also that some stocks are trading within their buy ranges to become more attractive at this point for income investors and traders, even as the market anticipates positive news. The banking sector and others remain attractive on the back of the prevailing low prices, despite the mixed half-year earnings.”

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Vetiva Dealings and Brokerage firm said; “We expect the market to trade in a similar pattern tomorrow, as investors continue to buy up attractive counters while taking profit on previous gainers.”

On the activity chart, Transnational Corporation of Nigeria was the toast of investors during the day, exchanging 20.487 million shares valued at N19.341 million, Ecobank Transnational Incorporated followed with an account of 17.541 million shares cost N97.994 million, FCMB group traded 15.310 million shares cost N48.206 million.

Sterling Bank exchanged 14.136 million shares valued at N22.239 million while United Bank for Africa sold a total of 10.939 million shares valued at N83.387 million.

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