NGX equities market opens with N62bn gain by investors in banking stocks

By Philemon Adedeji

Equities market at the Nigerian Exchange Limited (NGX) opened the week with N62 billion gain in banking stocks.

The gains were driven by sustained buy interests in ZENITH BANK (+1.46 per cent), Guaranty Trust Holding Company (GTCO) (+1.87 per cent) and WAPCO Insurance (+0.61 per cent) to buoy the markets performance.

Similarly, the NGX All Share Index (ASI) closed by 114.21 basis points representing 0.22 per cent stronger to close at 52,579.52 absolute points from 52,465.31 absolute points it closed trade on Friday.

Consequently, the year-to-date (YTD) return rose to 2.59 per cent, while market capitalisation gained N62 billion to close at N28.629 trillion from N28.567 trillion it closed trade on Friday

The upturn performance was impacted by price appreciation in medium and large capitalised stocks which are Multiverse and Mining Evaporation, Redstarex, Zenith Bank, Computer Warehouse Group and others.

The breakdown of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 26.54 per cent.

A total trade of 511.38 million shares valued at N7.14 billion were exchanged in 5,883 deals while Access Corporation led volume and value charts with 167.62 million units traded in deals worth N1.92 billion.

The market breadth closed positive as 29 stocks led the gainers on the leaders chart as against 17 stocks that led the losers on the decliners logs.

On the price movement chart, Multiverse and Mining Evaporation led the gainers with 10.00 per cent increase to close at N3.41 per share, closely followed by Redstarex which appareciated by 9.96 per cent to close at N2.65 per share, while Computer Warehouse Group rose by 9.85 per cent to close at N1.45 per share.

Mcnichols grew by 9.23 per cent to close at N0.71 per share, while International Breweries which recorded as the last fifth gainers went up by 6.82 per cent to close at N4.70 per share.

However, on the losers chart, Cileansing emerged as the highest price loser losing 9.88 per cent to close at N3.59 per share.

Transnational Corporation on the other hand suffered 7.73 per cent loss to close at N1.79 per share while FTNCOCOA Cocoa Processor went down by 6.90 per cent to close at N0.27 per share.

Chams Plc dipped by 6.45 per cent to close at N0.29 per share, while Custodian depreciated by 4.80 per cent to close at N5.95 per share.