Gains in Tier-1 bank investors lift capitalisation to N137bn


By Philemon Adedeji

Equities market on the Nigerian Exchange Limited (NGX) closed in green zone for the third consecutive session, as the Lagos bourse maintained the bull run bringing the All Share Index (ASI) up by 433.26 basis points or 0.48 per cent to close at 52,621.19 points.

Sustained buying interest in Zenith Bank (+2.08 per cent), GTCO (+2.03 per cent), and Stanbic IBTC (+5.33 per cent) offset losses in Nigerian Breweries  (-0.26 per cent), Ecobank Transnational Incorporation (ETI), (-0.40 per cent) and United Capital  (-1.88 per cent).

As a result, the year-to-date (YTD) return rose to 2.67 per cent, with the market capitalisation increasing by N137.25 billion to close at N28.65 trillion from N28.52 trillion it closed trade on Monday.

The upturn performance was driven by price appreciation in medium and large capitalised stocks which are: Transnational Incorporation, Tripple G, Zenith Bank, GTCO and others.

Analysis of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 28.17 per cent.

United Bank for Africa (UBA) led the volume charts with 62.45 million units traded and Zenith Bank (+2.08 per cent) led the value charts in deals worth N1.58 billion.

As measured by market breadth market sentiments closed positive as 33 gainers led the leaders chart as against 15 gainers that led the losers chart.

At the close of trade yesterday, trade volume increase to 350,974,154 million units worth 5.169 billion were exchanged in 5,946 deals.

On the price movement chart, Transnational Corporation led the gainers chart with 9.85 per cent increased to close from N2.77 to N2.90 per share, Triple G which closely followed appreciated by 9.83 per cent increased to close from N2.95 to N3.24 per share, while Unilever plc rose by , 9.70 per cent increased to close from N13.40 to N14.70 per share.

UPL which recorded as the last fourth gainer grew by 9.63 per cent increase to close from N1.87 to N2.05 per share, while Chams Plc which recorded as the last fifth gainer went up by 9.38 per cent increased to close from N0.32 to N0.35 per share.

However, on the laggards table, Chellaram led as the most price loser which depreciated by 9.43 per cent to close at N0.48 per share, Sunu Assurance which followed dipped by 8.83 per cent to close at N3.20 per share, while Cileansing shed 5.71 per cent to close at N0.33 per share.

Japaulgold which recorded as the last fourth loser suffered 5.48 per cent loss to close at N16.40 per share, while Cadbury Plc which recorded as the last fifth loser depreciated by 4.76 per cent to close at N3.00 per share.

Transaction in the shares of United Bank for Africa (UBA) topped the activities chart with 62.448 million shares valued at N511.060 million, Zenith Bank which followed transacted 58.999 million shares worth N1.582 billion, while Guaranty Trust Holding Company traded 31.706 million worth N875.104 million.

Access Corporation exchanged 19.477 million shares valued at N203.077, while Transnational Corporation transacted 17.800 million shares valued at N50.100 million.