Stanbic IBTC, 16 stocks lift market capitalisation by N8b

Following gains in Stanbic IBTC and 17 stocks, the Nigerian Exchange Limited (NGX) reversed previous session losses to close in an upbeat, yesterday, as market capitalisation increased by N8 billion.

The all-share index (ASI) rose by 14.06 absolute points, representing a gain of 0.03 per cent to close at 44,332.21 points.

Investors gained N8 billion in value as market capitalisation went up to N24.147 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, among which are Stanbic IBTC Holdings, Dangote Sugar Refinery, Lafarge Africa, UPDC Real Estate Investment Trust and Vitafoam Nigeria.

On market outlook, GTI Securities Limited said: “We expect negative sentiments to persist, as pre-election risks amplify.”

Vetiva Dealings and Brokerage said: “Declines were recorded in tier-one banks like Zenith and Access Corp as investors now demand lower prices given the recovery posted in these counters in recent sessions. Barring any major dip in the heavy-weights, we expect another mixed session to close out the week.”

Market breadth closed flat with 17 gainers and losers.

Computer Warehouse Group (CWG) recorded the highest price gain of 9.59 per cent to close at 80 kobo. UPDC Real Estate Investment Trust followed with a gain of 8.92 per cent to close at N3.05 kobo, while Japaul Gold & Ventures went up by 7.69 per cent to close at 28 kobo.

Wapic Insurance went up by 5.88 per cent to close at 36 kobo, while Dangote Sugar Refinery appreciated by 3.92 per cent to close at N15.90 kobo.

On the other hand, Beta Glass led the losers’ chart by 9.98 per cent to close at N41.50 kobo. Aluminium Extrusion Industries followed with a decline of 9.72 per cent to close at N6.50 kobo.

Mutual Benefits Assurance and R.T. Briscoe Nigeria lost 9.68 per cent each to close at 28 kobo each, while Regency Alliance Insurance shed 7.69 per cent to close at 24 kobo.

However, the total volume traded declined by 27.9 per cent to 119.224 million shares, worth N3.201 billion, and traded in 2,909 deals.

Transactions in the shares of Fidelity Bank topped the activity chart with 39.364 million shares valued at N149.024 million. Guaranty Trust Holding Company (GTCO) followed with 8.319 million shares worth N153.965 million.

Japaul Gold & Ventures traded 6.77 million shares valued at N1.853 million.

Jaiz Bank traded 4.444 million shares valued at N3.889 million, while Access Holdings transacted 4.352 million shares worth N35.442 million.