Gains in Tier-1 banks, as investors lift capitalisation to N185bn
By Philemon Adedeji
Yesterday, trading activities on the Nigerian Exchange Limited (NGX) closed on a bullish sentiment for the second day of the week driven by gains recorded in Tier-1 bank investors which includes, ZENITH BANK (+2.29 per cent), GTCO (+1.81 per cent) and ACCESS CORPORATION (+3.44 per cent), were the main drivers of the market’s overall performance, outweighing losses in NESTLE Nigeria (-5.98 per cent), STANBIC IBTC(-2.64 per cent), and United Bank for Africa (UBA) (-0.36 per cent).
Consequently, the year-to-date (YTD) return rose to 29.73 per cent while the market capitalization rose by N185.52 billion to close at N36.39 trillion n.
The NGX All Share Index (ASI) appreciated by 338.96 basis points representing 0.51 per cent to close at 66,490.34 index points from 66,151.38 index points it closed trade on Monday.
Analysis of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 79.14 per cent.
The trade volume rose by 40.5 per cent to close at 436,956,185 million shares valued at N7.01 billion were exchanged in 7,932 deals.
FBN Holdings (+1.51 per cent) led the volume chart with 55.15 million units traded while NESTLE Nigeria (-5.98 per cent) led the value chart in deals worth N1.32 billion.
As measured by market breadth, market sentiment closed positive as 35 stocks gained on the performers chart while 32 stocks recorded loss on the laggards logs
On the performance board, Champion Breweries and Flour Mill of Nigeria led the advancers chart with 10.00 per cent each increased to close at N3.19, N33.00 per share respectively, while Nascon Allied rose by 9.96 per cent to close at N54.10 per share.
Nigerian Aviation Handling Company and Dangote Sugar appreciated by 9.95 per cent each increased to close at N22.10 and N57.45 per share respectively.
However, on the decliners log, Linkages Assurance and Computer Warehouse Group suffered 10.00 per cent loss each decreased to close at N0.90 and N4.05 per share respectively, while Chellaram shed 9.85 per cent to close at N3.57 per share.
Prestige Assurance which emerged as the last fourth loser went down by 9.80 per cent to close at N0.46 per share UPL which came as the last fifth loser dipped by 9.66 per cent to close at N2.15 per share.
Transaction in the shares of First Bank Holdings led the activities chart with 55.146 million shares worth N911.206 million, followed by Japaulgold which transacted 33.110 million share valued at N29.922 million, United Bank for Africa sold 30.176 million shares valued at N412.171 million.
Access Corporation traded 25.354 million shares worth N414.374 million, while Transnational Corporation transacted 18.219 million shares valued at N127.717 million.
