Investors buy the dip as NGX adds N270bn in value

By Philemon Adedeji

The Nigerian Equity market saw an increase of N270.24 billion as trading activities closed with a positive sentiment from investors. The All-Share Index (ASI) attained an uptick of 496.31 basis points or 0.81 per cent to end the day at 62,019.88 index points

Industrial heavyweight, DANGOTE CEMENT (+1.75 per cent) as well as ZENITH BANK (+1.32 per cent), and STANBIC IBTC (+1.67 per cent) were the major drivers of the market’s strong performance. Accordingly, the market remains on track for the first weekly gain in the month.

The ASI’s year-to-date (YTD) return rose to 21.01 per cent, with the market capitalisation value up by N270.24 billion to close at N33.77 trillion.

Analysis of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 821.84 per cent.

A total of 5.44 billion shares valued at N95.01 billion were exchanged in 9,948 deals.

First Bank Holdings (+2.70 per cent) led the volume and value charts with 4.69 billion units traded in deals worth N87.81 billion.

As measured by market breadth, market sentiment closed positive as Wapic Insurance led 18 losers on the laggards log, while Conoil led 54 gainers on the advancers chart.

At the close of trade yesterday, Five equities gained 10.00 per cent each which are, Conoil plc, Eternal Oil, Learnafrica, MRS Oil, Union Bank Nigerian increased to close at N102.30, N25.85, N3.52, N91.30, N8.25 per share respectively.

However, on the losers chart, Wapic Insurance led as the highest loser which shed 9.59 per cent to close at N0.66 per share, UPDC which followed lost 9.24 per cent to close at N1.08 per share, while International Energy Insurance went down by 9.09 per cent to close N1.30 per share.

Chellaram which recorded as the last fourth  loser depreciated by 8.90 per cent to close at N1.33 per share, while Honey Flour which recorded as the last fifth loser decreased by 7.46 per cent to close at N3.35 per share.

Transaction in the shares of First Bank Holdings topped the activities chart with 4.691 billion worth 8.780 trillion, followed by First City Monument Bank which transacted 126.766 million shares valued at 744.090 million, while Access Corporation accounted 56.481 million shared worth 1.018 billion.

Japaulgold transacted 55.246 million shares worth 55.775 million, while Transnational Corporation traded 49.184 million valued at 185.758 million.