Equities market of NGX gain 0.13% amid negative market turnover
By Kayode Tokede
Transactions on the Nigerian Exchange Limited (NGX) on Thursday closed in a northward direction, to extend the gaining session to the second consecutive day with a gain of 0.13 per cent.
The positive sentiment was a result of investors’ buy-interests in Insurance, banking, and consumer goods sector stocks.
The All-Share Index (ASI) increased by 50.41 basis points, representing a growth of 0.13 per cent to close at 38,615.11 points. Similarly, the overall market capitalisation value gained N27 billion to close at N20.126 trillion.
Sector performances were somewhat positive with Banking (+0.81 per cent) and Consumer Goods (+0.18 per cent) sectors closing up, while the Industrial (-0.02 per cent) sector closed down. Conversely, the Oil and Gas sector closed down.
The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are Nigerian Breweries, Berger Paints Nigeria, Guaranty Trust Bank, Champion Breweries and UAC of Nigeria.
Analysts at Afrinvest Limited expected the market to sustain a positive trend in tomorrow’s trading session.
The market sentiment, as measured by market breadth, was positive as 18 stocks gained, relative to eight losers. Champion Breweries recorded the highest price gain of 10 per cent to close at N1.98, per share. Wapic Insurance followed with a gain 9.43 per cent to close at 58 kobo, while Lasaco Assurance up by 7.91 per cent to close at N1.50, per share.
Berger Paints Nigeria rose by 7.69 per cent to close at N7.70, while Mutual Benefits Assurance gained 6.52 per cent to close at 49 kobo, per share. On the other hand, Consolidated Hallmark Insurance led the losers’ chart by 8.96 per cent to close at 61 kobo, per share. Unity Bank followed with a decline of 3.51 per cent to close at 55 kobo, while Sterling Bank shed 1.91 per cent to close at N1.54, per share.
International Breweries lost 1.82 per cent to close at N5.40, while Linkage Assurance shed 1.79 per cent to close at 56 kobo, per share.
Meanwhile, total volume of trades decreased by 47.0 per cent to 160.440 million units, valued at N1.395 billion, and exchanged in 3,260 deals. Transactions in the shares of Wema Bank topped the activity chart with 27.242 million shares valued at N15.003 million. Mutual Benefits Assurance followed with 21.393 million shares worth N10.509 million, while Zenith Bank traded 16.265 million shares valued at N382.129 million.
Sterling Bank traded 12.292 million shares valued at N18.840 million, while FBN Holdings (FBNH) transacted 7.917 million shares worth N57.115 million.
According to analysts at Investment one, “The equities market closed up today due to the gains recorded in the Banking and Consumer sectors.
“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.
“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”
