NGX gains N3bn amid Eid el-Kabir celebration
By Kayode Tokede
Transaction on the Nigerian Exchange Limited (NGX) on Monday equities market closed on a positive note with N3 billion gain amidst Eid el-Kabir celebration.
In summary, the NGX All-Share Index (ASI) increased by 5.47 basis points, representing a gain of 0.01 per cent, to close at 37,952.65 basis points. Similarly, the overall market capitalisation value rose by N3 billion to close at N19.774 trillion.
Sector performances were positive today with the Oil and Gas (+0.29per cent ), Consumer Goods (+0.10per cent) and Industrial (+0.01per cent) sectors closing in the green, while the Banking (-0.37per cent) sector closed in the red.
The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Presco, Eterna, Cutix, Vitafoam Nigeria and United Capital.
Analysts at United Capital Plc said that “In a shortened trading week, we anticipate a tight trading week barring major surprises in earnings scorecard of large-cap counters.”
The market breadth closed positive as 22 stocks gained, relative to 10 losers. Eterna recorded the highest price gain of 10 per cent to close at N7.15, per share. University Press followed with a gain 9.93 per cent to close at N1.55, while Cutix rose by 9.92 per cent to close at N3.99, per share.
Regency Alliance Insurance rose by 8.89 per cent to close at 49 kobo, while Learn Africa gained 8.76 per cent to close at N1.49, per share. On the other hand, FTN Cocoa Processors led the losers’ chart by 7.32 per cent to close at 38 kobo, per share. Sovereign Trust Insurance followed with a decline of 6.06 per cent to close at 31 kobo, while Ecobank Transnational Incorporated (ETI) lost 3.77 per cent to close at N5.10, per share.
Sterling Bank lost 3.21 per cent to close at N1.51, while Union Bank of Nigeria (UBN) shed 2.68 per cent to close at N5.45, per share.
The total volume of trades increased by 73.50 per cent to 462.809 million units, valued at N1.20 billion, and exchanged in 3,610 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 217.122 million shares valued at N116.621 million. Sterling Bank followed with 78.184 million shares worth N119.553 million, while Wema Bank traded 19.151 million shares valued at N15.799 million.
Sovereign Trust Bank traded 14.957 million shares valued at N4.533 million, while Universal Insurance transacted 12.803 million shares worth N2.590 million.
According to analysts at Investment One research, “The equities market closed up slightly today due to the gains recorded in most 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.
