Investors gain N20.94bn as NGX opens week on a positive note

By Kayode Tokede

Investors on the Nigerian Exchange Limited (NGX) on Monday gained N20.94billion as stocks worth N32.10 billion was traded when the market opened the week on a positive note.

In summary, the All-Share Index (ASI) gained 40.01 basis points, representing a growth of 0.10 per cent to close at 38,848.02 basis points from 38,808.01basis points.

Similarly, the overall market capitalisation value closed at N20.331 trillion from N20.310 trillion it opened for trading.

The uptrend was also driven by price appreciation in medium and large capitalised stocks amongst which are; UAC of Nigeria (UACN), Northern Nigeria Flour Mills (NNFM), Guaranty Trust Bank, MTN Nigeria Communications (MTNN) and FCMB Group.

Analysts at Afrinvest Limited said, “In subsequent trading sessions, we expect the market to remain subdued by increased sell-offs given the weak investor sentiment and expected rise in marginal rates at this week’s bond auction.”

Market sentiment, as measured by market breadth, was positive as 18 stocks gained, relative to 12 losers. FCMB Group recorded the highest price gain of 9.77 per cent to close at N2.92, while NNFM and University Press followed with a gain 9.35 per cent each, to close at N5.85 and N1.17, respectively, per share.

Honeywell Flour Mill rose by 9.24 per cent to close at N1.30, while Mutual Benefits Assurance appreciated by 8.82 per cent to close at 37 kobo.

On the other hand, FTN Cocoa Processors led the losers’ chart by 10 per cent to close at 45 kobo, per share. Unity Bank followed with a decline of 7.81 per cent, to close at 59 kobo, while UACN Property Development Company shed 5.06 per cent to close at 75 kobo,  per share.

Jaiz Bank shed 4.69 per cent to close at 61 kobo, while Africa Prudential depreciated by 4.55 per cent to close at N5.25, per share.

Meanwhile, the total volume of trades increased by 93.8 per cent to 508.637 million units, valued at N32.101 billion, and exchanged in 4,324 deals. Transactions in the shares of MTNN topped the activity chart with 181.733 million shares valued at N29.677 billion. Fidelity Bank followed with 106.876 million shares worth N224.749 million, while FBN Holdings (FBNH) traded 35.019 million shares valued at N267.176 million.

UACN traded 20.429 million shares valued at N209.024 million, while Zenith  Bank transacted 18.168 million shares worth N392.777 million.