NGX All-Share Index recovers, gains 1.23%, market capitalisation gains N293bn

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By Philemon Adedeji

Nigerian equities market recovered the four uninterrupted sessions of losses, as the benchmark Index rose by 537.29 basis points or 1.23 per cent to settle at 44,283.02 points index. Bullish sentiment in index heavyweights DANGCEM (+8.84 per nt) offset losses in MTNN (-0.46 per cent) and Zenith Bank (-0.25 per cent) keeping the market in the green. Accordingly, the year-to-date (YTD) return rose to 3.67 per cent, with market capitalisation value gaining N293.10 billion to close at N24.12 trillion from N23.83 trillion it closed trade on Tuesday.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 61.97 per cent. A total of 155.41million shares valued at N1.53 billion were exchanged in 3,796 deals. Sterling Bank (-2.11 per cent) led the volume chart with 24.28 million units traded while MTNN (-0.46 per cent) led the value chart in deals worth N238.86 million.

Market breadth closed negative at a 2.44-to-1 ratio with declining issues outnumbering advancing ones, as Dangote cement (+8.84 per cent) led eight (8) others on the leader’s log, While MRS oil (-9.65 per cent) topped twenty-one (21) others on the laggard’s table

At the close of trade on Wednesday, Dangote Cement came as the most price gainer with 8.84 per cent to close at N240 per share, Followed by Chams Plc which rose by 4.35 per cent to close at N0.24 per share, while Wapic Insurance which recorded as the last third gainer appreciated by 2.86 per cent to close at N0.36 per share.

Oando Plc grew significantly by 2.01 per cent to close at N4.39 per share and NGXGROUP which recorded as the last fifth gainer went up by 1.50 per cent to close at N20.30 per share.

However, MRS oil emerged as the highest loser on the laggard table which dipped by 9.65 per cent to close at N11.70 per share, Transexpr that followed declined by 9.33 per cent to close at N0.68 per share, while  Updcreit lost 8.33 per cent to close at N2.75 per share.

Unity Bank which recorded as the last fourth loser went down by 6.67 per cent to close at N0.42 per share and United Bank of Africa depreciated by 4.95 per cent to close at N6.75 per share.

Transaction in the shares of Sterling Bank topped the activities chart with 24.284 million shares valued at N33.499 million, Accesscorp which followed transacted 23.517 million shares worth N185.568 million, While First Bank Holding of Nigeria traded 14.256 million shares valued at N140.992 million.

Guaranty Trust Holding Company accounted 10.212 million shares worth N180.016 million.