Transactions on Nigerian Exchange Limited (NGX) equities market closed on Thursday on a positive trajectory to reverse the previous day’s negative sentiment, as All-Share Index grew significantly by 1.75 per cent.
As a result, the All-Share Index (ASI) gained 679.72 basis points, representing a growth of 1.75 per cent to close at 39,461.20 basis points. Similarly, the overall market capitalisation value rose by N356 billion to close at N20.652 trillion.
Sector performance was somewhat mixed today with the Banking (-1.35 per cent) and Consumer (-0.22 per cent) sectors closing negative while the Industrial sector (+3.58per cent) closed positive. The Oil and Gas sector closed flat today.
The uptrend was also driven by price appreciation in medium and large capitalised stocks amongst which are; Dangote Cement, MTN Nigeria Communication (MTNN), Okomu Oil, Julius Berger and Ekocorp Plc.
Analysts at Afrinvest Limited said that “We expect the market to sustain the positive performance in the last trading session of the week.”
Market sentiment, as measured by market breadth, was positive as 24 stocks gained, relative to 18 losers. Fidson Healthcare and Julius Berger recorded the highest price gain of 10 per cent each, to close at N5.28 and N20.90, respectively, while Ekocorp followed with a gain 9.26 per cent to close at N5.90, per share.
Consolidated Hallmark Insurance rose by 9.09 per cent to close at 36 kobo, while Royal Exchange appreciated by 8.89 per cent to close at 49 kobo.
On the other hand, Computer Warehouse Group led the losers’ chart by 9.84 per cent to close at N2.29, per share. Mutual Benefits Assurance followed with a decline of 7.50 per cent to close at 37 kobo, while FBN Holdings (FBNH) shed 6.76 per cent to close at N6.90 per share.
Wapic Insurance shed 3.85 per cent to close at 50 kobo, while Honeywell Flour Mill depreciated by 3.76 per cent to close at N1.28, per share.
The total volume of trades increased by 4.3 per cent to 270.682 million units, valued at N2.031 billion, and exchanged in 3,897 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 51.524 million shares valued at N359.827 million.
Transnational Corporation of Nigeria (Transcorp) followed with 42.465 million shares worth N40.023 million, while Ekocorp traded 20 million shares valued at N118.003 million.
Sovereign Trust Insurance traded 18.012 million shares valued at N4.203 million, while Access Bank transacted 16.691 million shares worth 122.154 million.
“The equities market closed up today due to gains in Dangote Cement and MTN Nigeria. 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.”