Investors in banking stock gain N1bn amid negative performance
Philemon Adedeji
Trading activities on the floor of Nigerian Exchange Limited (NGX) still extending gains for the fifth consecutive trading session, the Lagos bourse closed stronger as the benchmark index up by 1.22 absolute points or 0.002 per cent to close at 49,416.18 basis points from 49,414.96 basis points it closed trade on Friday. Gains in Tier-1 banking names ZENITH BANK (+1.04 per cent) and Guaranty Trust Holding Company (GTCO) (+0.23 per cent), were the main drivers of the market’s overall performance, outweighing losses in Nigerian Breweries (-0.53 per cent) and First Bank Holding of Nigeria (-1.38 per cent).
As a result, the year-to-date (YTD) return rose to 15.68 per cent while the market capitalization value rose by N1.00 billion to close at N26.915 trillion from N26.914 trillion it closed for previous trading day.
The positive performance was driven by gains recorded in medium and large capitalized stocks such as Zenith Bank, Guaranty Trust Holding Company (GTCO), UPDC Real Estate Investment, Royalex Exchange and others.
The Executive Vice President of Highcap securities, David Andori commented on the performance of stock market that, Equities market started year 2022 on a high note. All Share Index at a point reached about 22 per cent before it started decelerating from June 2022 when Central Bank of Nigeria (CBN) embarked on tight monetary policy. Rising inflation, forex scarcity, pervasive insecurity and public debt crisis eroded investor’s confidence in equities. However, due to resilience of quoted companies in Q2 and Q3, many investor’s are now buying back to restock their portfolios. The equities market will still likely close positive this year.
The trade volume increased by 30.4 per cent to close at 100,093,729 million shares valued at N1.295 billion were exchanged in 3,186 deals. GTCO led the volume and value charts with 16.44 million units traded in deals worth N354.75 million
The market sentiments as measured by market breadth closed negative UPDC Real Estate Investment led eight others on the performance table, While NEIMETH Pharmaceutical Industry led twelve others on the laggard’s log.
On the positive Side, UPDC Real Estate Investment led the performance table which increased from N2.90 to N3.15, up by 8.62 per cent, followed by Royalex Exchange which rose from N0.84 to N0.89, up by 8.62 per cent, While Ardova oil grew from N16.70 to N17.40, up by 4.19 per cent.
Vitafoam which recorded as the last fourth gainer went from N21.00 to N21.75, up by 3.57 per cent and Custodian which recorded as the last fifth gainer moved from N5.45 to N5.60, up by 2.75 per cent.
On the negative side, Neimeth Pharmaceutical Industry led the laggards table with 9.66 per cent to close at N1.31 per share, SCOA which followed depreciated by 9.41 per cent to close at N0.77 per share while UPDC which recorded as the last third loser declined by 7.07 per cent to close at N0.92 per share.
Rt.briscoe went down by 6.90 per cent to close at N0.27 per share and Chams Plc which recorded as the last fifth loser dipped by 4.55 per cent to close at N0.27 per share.
Guaranty Trust Holding Company topped the activities chart with 16.435 million shares worth N354.748 million, Consolidated Hallmark Insurance which followed transacted 9.260 million shares valued at N5.447 million, while United Bank of Africa traded 7.119 million shares valued at N52.462 million.
FTNCOCOA processor sold 7.096 million shares worth N2.014 million.
Accesscorp Plc traded 5.265 million shares worth N45.159 million.
