MTNN, BUAFOODS, Zenith Bank lead market upturn, as investors gain N75bn
By Philemon Adedeji
Opening the week yesterday, Trading activities on the Nigerian Exchange Limited (NGX) closed on a bullish sentiments amid gains recorded in, MTNN (+1.08 per cent), BUAFOODS (+0.75 per cent), alongside ZENITH BANK (+0.29 per cent) kept the market in the positive territory, offsetting losses in STANBIC (-1.54 per cent), FBN Holdings (-1.64 per cent) and WAPCO Insurance (-0.18 per cent).
Consequently, the year-to-date (YTD) return rose to 27.48 per cent, while market capitalisation gained N75.44 billion to close at N35.56 trillion.
The NGX All Share Index (ASI) gained 138.63 basis points or 0.21 per cent to close at 65,336.71 index points from 65,198.08 index points it closed for the last trading day.
The market upturn performance was mainly driven by price appreciation in medium and large capitalized stocks which are MTNN, BUAFOODS, ENAMELWA, Wema bank and 21 others.
Analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 35.92 per cent.
The trade volume declined to 334.33 million shares valued at N3.89 billion were exchanged in 6,940 deals.
STERLING BANK led the volume chart with 55.14 million units traded while MTNN (+1.08 per cent) led the value chart in deals worth N559.39 million.
As measured by market breadth, market sentiment closed positive, as 25 stocks gained equal 25 losers.
On the performance board, ENAMEKWA led the gainers with 9.86 per cent to close at N19.50 per share,Wema Bank which followed rose by 9.77 per cent to close at N4.70 per share, while UPL grew by 9.73 per cent to close at N2.48 per share.
Sunu Assurance which recorded as the last fouth gainer increased by 9.68 per cent to close at N1.02 per share, while GLAXOSMITH which recorded as the last fifth gainer went up by 9.55 per cent to close at N9.75 per share.
On the other hand, Omatek Venture led the losers with 8.82 per cent to close at N0.31 per share, Prestige Assurance which followed suffered 7.84 per cent to close at N0.47 per share, while MCNICHOLS shed 7.35 per cent to close at N0.63 per cent.
Cornerstone Insurance which recorded as the last fourth loser shed 7.22 per cent to close at N0.90 per share, while Wapic Insurance lost 5.97 per cent to close at N0.63 per share.
Transaction in the shares of Sterling Bank topped the activities chart with 55.141 million shares worth N197.266 million, followed by First City Monument Bank followed with a volume of 28.249 million shares valued at N173.843 million, while Fidelity Bank traded 18.842 million shares valued at N150.847 million.
Japaulgold transacted 17.355 million shares worth N17.018 million, while Access Corporation followed with volume of 17.100 million valued at N296.635 million.
