NGX sustains rising profile as index appreciates further by 0.13%

Transactions on the Nigerian Exchange Limited (NGX) sustained a rising profile yesterday, causing the All-Share Index (ASI) to appreciate by 0.13 per cent.

At the close of transactions yesterday, the ASI increased by 50.41 absolute points, representing a growth of 0.13 per cent to close at 38,615.11 points. Similarly, the overall market capitalisation value gained N27 billion to close at N20.126 trillion.

The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Nigerian Breweries, Berger Paints Nigeria, Guaranty Trust Bank, Champion Breweries and UAC of Nigeria.

Analysts at Afrinvest Limited expressed optimism that the positive trend would be sustained.

On the price movement chart, 18 stocks recorded price appreciation while eight others constituted the losers’ chart.

Champion Breweries recorded the highest price gain, adding 10 per cent to close at N1.98 kobo. Wapic Insurance followed with a gain 9.43 per cent to close at 58 kobo. Lasaco Assurance added 7.91 per cent to close at N1.50 kobo.

Berger Paints Nigeria rose by 7.69 per cent to close at N7.70 kobo. Mutual Benefits Assurance gained 6.52 per cent to close at 49 kobo.

On the other hand, Consolidated Hallmark Insurance led the losers’ chart with 8.96 per cent to close at 61 kobo.

Unity Bank followed with a decline of 3.51 per cent to close at 55 kobo, while Sterling Bank shed 1.91 per cent to close at N1.54 kobo.

International Breweries lost 1.82 per cent to close at N5.40, while Linkage Assurance shed 1.79 per cent to close at 56 kobo.

Total volume of trades decreased by 47.0 per cent to 160.440 million units, valued at N1.395 billion, and exchanged in 3,260 deals.

Transactions in the shares of Wema Bank topped the activity chart with 27.242 million shares valued at N15.003 million.

Mutual Benefits Assurance followed with 21.393 million shares worth N10.509 million, while Zenith Bank traded 16.265 million shares valued at N382.129 million.

Sterling Bank traded 12.292 million shares valued at N18.840 million, while FBN Holdings (FBNH) transacted 7.917 million shares worth N57.115 million.