NGX Sustains Rebound With N218bn Gain
The Nigerian Exchange Limited (NGX) sustained a rising profile at the end of yesterday, as bargain hunting in the shares of 20 blue-chip companies lifted market capitalisation further by N218 billion.
Specifically, the All-Share Index (ASI) grew by 416.24 absolute points, representing an increase of 0.99 per cent to close at 42,435.16 points. While market capitalisation gained N218 billion to close at N22.143 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; SEPLAT Energy, MTNN, Dangote Sugar Refinery, Lafarge Africa and United Bank for Africa (UBA).
Market sentiment was positive as 20 stocks gained while 11 others constituted the losers’ chart. Analysts at Vetiva Dealings and Brokerage firm said: “So far, activity level has stayed elevated, as investors continued to take advantage of the beaten down prices across sectors given the bearish sentiment seen last week. We expect the market to trade mixed tomorrow, with trades in the banking space boosting market activity.”
On the price movement chart, LivingTrust Mortgage Bank recorded the highest price gain of 9.09 per cent to close at 96 kobo while Meyer Plc followed with a gain of 7.69 per cent to close at 28 kobo. AXA Mansard Insurance appreciated by 7.25 per cent to close at N2.22 kobo.
Dangote Sugar Refinery rose by 6.67 per cent to close at N16. Honeywell Flour Mills appreciated by 6.51 per cent to close at N3.60 kobo. United Bank for Africa (UBA) garnered 5.30 per cent to close at N7.95 kobo.
Jaiz Bank gained 4.69 per cent to close at 67 kobo. MTNN added 4.49 per cent to close at N174.50 kobo. Ecobank TransNational Incorporated (ETI) gained 4.29 per cent to close at N8.50 kobo while GlaxoSmithKline also garnered 3.74 per cent to close at N5.55 kobo.
On the other hand, Cutix led the losers’ chart by 9.69 per cent, to close at N2.61 kobo while Royal Exchange followed with a decline of 8.06 per cent to close at 57 kobo. Mutual Benefits Assurance declined by 7.69 per cent to close at 24 kobo.
Sovereign Trust Insurance shed 4.17 per cent to close at 23 kobo, while Nigerian Aviation Handling Company (NAHCO) depreciated by 2.51 per cent to close at N3.50 kobo.
Caverton shed 1.70 per cent to close at N1.73 kobo. UPDC Reit dropped by 1.22 per cent to close at N4.05 kobo. Champion Breweries lost 1.16 per cent to close at N2.55 kobo.
First City Monument Bank declined by 1.02 per cent to close at N2.90 kobo. FBN Holdings also shed 87 per cent to close at N11.40 kobo.
The total volume of trades increased by 1.6 per cent to 649.767 million units, valued at N7.204 billion, and exchanged in 3,757 deals.
Transactions in the shares of FBNH topped the activity chart with 441.928 million shares valued at N5.040 billion. Sterling Bank followed with 64.434 million shares worth N95.944 million, while Guaranty Trust Holding Company (GTCO) traded 20.671 million shares valued at N501.362 million.
UBA traded 14.727 million shares valued at N115.953 million, while Access Bank transacted 12.302 million shares worth N110.597 million.