By Kayode Tokede
Following gains by some blue-chip stocks, the Nigerian Exchange (NGX) Limited sustained an uptrend trend on Tuesday adding N103.23billion to push the market capitalisation to close at N20.027 trillion.
The All-Share Index (ASI) grew by 198.03 basis points, representing an increase of 0.52 percent to close at 38,418.04 basis points, as the overall market capitalisation value gained N104 billion to close at N20.027 trillion.
Sector performances were positive today with the Oil and Gas (+4.90 percent), Banking (+3.29 percent), Industrial (+0.08 percent) and Consumer Goods (+0.07 percent) sectors all closing in the green.
The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Seplat Energy, Total Nigeria, Zenith Bank, Berger Paints Nigeria and Access Bank.
As measured by market breadth, market sentiment was positive, as 28 stocks gained, relative to 10 losers. May and Baker Nigeria recorded the highest price gain of 9.65 percent to close at N4.43, per share. UACN Property Development Company followed with a gain 9.57 percent to close at N1.03, while Total Nigeria went up by 9.24 percent to close at N158.40, per share.
Consolidated Hallmark Insurance rose by 9.23 per cent to close at 71 kobo, while University Press gained 9.21 percent to close at N1.66, per share. On the other hand, Eterna led the losers’ chart by 9.73 percent to close at N6.77, per share. Linkage Assurance followed with a decline of 9.41 percent to close at 77 kobo, while Unity Bank lost 8.06 per cent to close at 57 kobo, per share.
Wapic Insurance lost 5.08 percent to close at 56 kobo, while Jaiz Bank shed 1.72 percent to close at 57 kobo, per share.
The total volume of trades rose by 2.23 per cent to 288.926 billion units, valued at N2.419 billion, and exchanged in 4,540 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 42.068 million shares valued at N96.625 million.
FBN Holdings (FBNH) followed with 32.405 million shares worth N242.558 million, while United Bank for Africa (UBA) traded 22.742 million shares valued at N174.871 million.
Access Bank traded 13.757 million shares valued at N124.703 million, while Wema Bank transacted 11.670 million shares worth N8.520 million.
According to analysts at Investment One research, “The equities market closed up today due to the gains recorded in all major sectors.
“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.”