Positive sentiments persist on NGX as capitalisation rises by N20 billion

The bullish sentiments persisted, yesterday, as the Nigerian Exchange Limited (NGX) market extended gains to three consecutive sessions, causing market capitalisation to rise further by 0.10 per cent.

Yesterday, the All-Share Index (ASI) grew by 39.15 absolute points, representing a growth of 0.10 per cent to close at 39,210.10 points.

Similarly, the overall market capitalisation value gained N20 billion to close at N20.437 trillion. The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are: Unilever Nigeria, PZ Cussons Nigeria, Vitafoam Nigeria, Dangote Sugar Refinery and May and Baker Nigeria.

Analysts at Afrinvest Limited said: “In the last trading session of the week, we suspect that profit taking may dominate the local bourse.”

Vetiva Dealings and Brokerage said: “We expect the Nigerian stock market to end the week on a positive note, with investors continuing to mop up attractive counters as seen throughout the week. However, we do foresee further profit-taking activity to moderate potential gains.”

19 stocks appreciated in price while 15 others constituted the losers’ chart . Linkage Assurance emerged the day’s highest price gainer, adding 9.09 per cent to close at 60 kobo while PZ Cussons Nigeria followed with a gain of 7.46 per cent to close at N6.00 kobo.

May and Baker Nigeria and Chams gained five per cent each to close at N4.20 and 21 kobo. Unilever Nigeria appreciated by 4.96 per cent to close at N12.70 kobo.

On the other hand, Computer Warehouse Group led the losers’ chart with 9.60 per cent to close at N1.13 kobo. Consolidated Hallmark Insurance followed with a loss of 8.97 per cent to close at 71 kobo while Associated Bus Company shed 7.50 per cent to close at 37 kobo.

Wapic Insurance declined by 6.78 per cent to close at 55 kobo while Mutual Benefit Assurance shed 6.52 per cent each to close at 43 kobo, per share.

The total volume of trades decreased by 12.8 per cent to 158.366 million units, valued at N2.236 billion, and exchanged in 3,330 deals. Transactions in the shares of Zenith Bank topped the activity chart with 27.324 million shares valued at N629.221 million. Sterling Bank followed with 22.023 million shares worth N35.087 million, while United Bank for Africa (UBA) traded 21.687 million shares valued at N154.235 million.

Transnational Corporation of Nigeria (Transcorp) traded 9.154 million shares valued at N8.154 million, while Chams transacted 8.320 million shares worth N1.679 million.