NGX gains 0.04% to open week positive
The Nigerian Exchange Limited (NGX) limited on Monday resumed the week positive as the All-Share Index advanced by 0.04 per cent amid sustained positive investors’ sentiment.
In summary, the NGX All-Share Index (ASI) grew by 16.70 basis points, representing an increase of 0.04 per cent to close at 39,318.52 basis points from 39,301.82 basis points, while the overall market capitalisation gained N9 billion to close at N20.577 trillion on Monday from N20.57trillion on last Friday.
Sector performance was broadly negative on Monday with the Consumer Goods (-0.01 per cent), Banking (-0.07 per cent) and Oil and Gas (-0.34 per cent) sectors all closing negative today while the Industrial sector (+0.07 per cent) closed positive.
NGX’s Year-to-Date (YTD) performance currently stands at -2.36per cent.
The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Nigerian Breweries, Fidson Healthcare, Lafarge Africa, Africa Prudential and Guaranty Trust Bank.
As measured by market breadth, market sentiment was positive, as 25 stocks advanced relative to 17 losers. Linkage Assurance and Transnational Corporation of Nigeria (Transcorp) recorded the highest price gain of 10 per cent each to close at 88 kobo each, while Cornerstone Insurance followed with a gain 9.62 per cent to close at 57 kobo, per share.
Fidson Healthcare appreciated by 9.09 per cent to close at N4.80, while Unity Bank gained 8.47 per cent to close at 64 kobo, per share.
On the other hand, Conoil led the losers’ chart by 9.33 per cent to close at N17.00, per share. Ikeja Hotel followed with a decline of 9.09 per cent to close at N1.00, while Sovereign Trust Insurance shed 8.00 per cent to close at 23 kobo, per share.
Nigerian Aviation Handling Company (NAHCO) shed 6.67 per cent to close at N2.10, while Jaiz Bank depreciated by 4.76 per cent to close at 60 kobo, per share.
The total volume of trades increased by 14.88 per cent to 329.739 million units, valued at N2.059 billion, and exchanged in 4,308 deals.
Transactions in the shares of Transcorp topped the activity chart with 92.541 million shares valued at N81.284 billion.
FBN Holdings (FBNH) followed with 23.893 million shares worth N177.332 million, while AXA Mansard Insurance traded 20.048 million shares valued at N18.355 million.
Access Bank traded 17.118 million shares valued at N128.959 million, while Guaranty Trust Bank transacted 16.441 million shares worth N513.549 million.
Analysts at United Capital Plc said that “This week, we expect some profit-taking on the bourse in light of the considerable price appreciation observed last week.
“However strong corporate releases in the coming week could support decent buying momentum.”
Also analysts at Investment One research, “The equities market closed up today due to the gain recorded in the Industrial sector.
“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.
“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”
