Gains In Highcap Stocks Lift Capitalisation By N356bn
Following gains recorded by most highly capitalised (highcap) stocks, transactions on the Nigerian Exchange Limited (NGX) reversed negative sentiments to close in an upbeat yesterday as market capitalisation appreciated by N356 billion.
At the close of trading, the All-Share Index (ASI) gained 679.72 absolute points, representing a growth of 1.75 per cent to close at 39,461.20 points. Similarly, the overall market capitalisation value rose by N356 billion to close at N20.652 trillion.
The uptrend was driven by price appreciation in medium and large capitalised stocks amongst which are; Dangote Cement, MTN Nigeria Communication (MTNN), Okomu Oil, Julius Berger and Ekocorp Plc.
Analysts at Afrinvest Limited said:“ We expect the market to sustain the positive performance in the last trading session of the week.” Market sentiment, as measured by market breadth, was positive as 24 stocks gained, relative to 18 losers.
Fidson Healthcare and Julius Berger recorded the highest price gain of 10 per cent each, to close at N5.28 kobo and N20.90 kobo, while Ekocorp followed with a gain of 9.26 per cent to close at N5.90 kobo.
Consolidated Hallmark Insurance rose by 9.09 per cent to close at 36 kobo, while Royal Exchange appreciated by 8.89 per cent to close at 49 kobo. On the other hand, Computer Warehouse Group led the losers’ chart by 9.84 per cent to close at N2.29 kobo. Mutual Benefits Assurance followed with a decline of 7.50 per cent to close at 37 kobo, while FBN Holdings (FBNH) shed 6.76 per cent to close at N6.90 kobo.
Wapic Insurance shed 3.85 per cent to close at 50 kobo, while Honeywell Flour Mill depreciated by 3.76 per cent to close at N1.28 kobo. The total volume of trades increased by 4.3 per cent to 270.682 million units, valued at N2.031 billion, and exchanged in 3,897 deals.
Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 51.524 million shares valued at N359.827 million. Transnational Corporation of Nigeria (Transcorp) followed with 42.465 million shares worth N40.023 million, while Ekocorp traded 20 million shares valued at N118.003 million.
Sovereign Trust Insurance traded 18.012 million shares valued at N4.203 million, while Access Bank transacted 16.691 million shares worth 122.154 million.