NGX appreciates by N151bn over investors’ bargain hunting in Dangote Cement, 24 others
By Kayode Tokede
The Nigerian Exchange Limited (NGX) on Wednesday sustained the bullish momentum with N151 billion gain, following bargain hunting in Dangote Cement and 24 others.
The All-Share Index (ASI) grew by 289.25 basis points, representing a growth of 0.74 per cent to close at 39,170.95 basis points. Similarly, the overall market capitalisation value gained N151 billion to close at N20.417 trillion.
Consequently, Month-to-Date gain increased to 1.9 per cent, while Year-to-Date loss moderated to 2.7 per cent.
Sectoral performance was broadly positive, as the Industrial Goods (+1.3 per cent), Banking (+1.3 per cent), Insurance (+0.4 per cent), and Consumer Goods (+0.3 per cent) indices recorded gains. In contrast, the Oil & Gas index was flat.
The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil, Dangote Cement, NASCON Allied Industries (NASCON), Lafarge Africa and Flour Mills of Nigeria.
As measured by market breadth, market sentiment was positive, as 25 stocks gained relative to six losers. Cutix Plc recorded the highest price gain of 10 per cent to close at N2.53, per share.
Okomu Oil followed with a gain 9.75 per cent to close at N116.50, while Union Bank of Nigeria (UBN) went up by 9.43 per cent to close at N5.80, per share.
Honeywell Flour Mill rose by 8.62 per cent to close at N1.26, while Associated Bus Company gained 8.11 per cent to close at 40 kobo, per share.
On the other hand, Sovereign Trust Insurance led the losers’ chart by 3.57 per cent to close at 27 kobo, per share.
Jaiz Bank followed with a decline of 3.39 per cent to close at 57 kobo, while FCMB Group lost 1.59 per cent to close at N3.10, per share.
FBN Holdings (FBNH) lost 1.37 per cent to close at N7.20, while AXA Mansard Insurance shed 1.19 per cent to close at 83 kobo, per share.
The total volume of trades decreased by 16.9 per cent to 181.526 million units, valued at N3.959 billion, and exchanged in 3,217 deals.
Transactions in the shares of Zenith Bank topped the activity chart with 20.759 million shares valued at N476.127 million.
Sterling Bank followed with 19.378 million shares worth N31.006 million, while Guaranty Trust Bank traded 15.120 million shares valued at N432.816 million.
FBNH traded 11.585 million shares valued at N83.873 million, while Fidelity Bank transacted 11.308 million shares worth N25.498 million.
Analysts at Afrinvest Limited said that “In the coming trading session, we expect the positive performance to be extended on the back of bargain hunting activities in the market.”
