NGX gains N60bn to open week bullish
By Kayode Tokede
The Nigerian Exchange Limited (NGX) gained N60 billion as equities market closed transactions on a bullish note on Monday.
In summary, the All-Share Index (ASI) increased by 113.99 basis points, representing a growth of 0.29 per cent to close at 39,312.74 basis points, while the overall market capitalisation value gained N60 billion to close at N20.491 trillion.
The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Zenith Bank, Guaranty Trust Bank, Okomu Oil, Africa Prudential and Lafarge Africa.
This week, analysts at United Capital Plc said “We expect the overall theme of the market to tilt towards the bears, considering the anticipated NTB auction scheduled to hold later in the week. However, following profit-taking last week, we expect investors to pick up attractive stocks on the dip in the earlier trading sessions.”
Consequently, the market breadth closed positively, recording 28 gainers against 15 losers. Associated Bus Company and Regency Alliance Insurance recorded the highest price gain of 9.68 per cent each to close at 34 kobo each, while Union Bank of Nigeria (UBN) followed with a gain 9.26 per cent to close at N5.90, per share.
Linkage Assurance rose by 8.70 per cent to close at 75 kobo, while Mutual Benefits Assurance and Africa Prudential gained 8.11 per cent each to close at 40 kobo and N6.00, per share. On the other hand, Unity Bank led the losers’ chart by 8.33 per cent to close at 55 kobo, per share. Japaul Gold and Ventures followed with a decline of 6.67 per cent to close at 56 kobo, while Neimeth International Pharmaceuticals lost 6.04 per cent to close at N1.71, per share.
Flour Mills of Nigeria lost 4.84 per cent to close at N29.50, while Chams Plc and Nigerian Aviation Handling Company (NAHCO) shed 4.55 per cent each to close at 21 kobo and N2.10, per share.
The total volume of trades increased by 35.68 per cent to 324.187 million units, valued at N3.281 billion, and exchanged in 4,867 deals. Transactions in the shares of eTranzact International topped the activity chart with 72.176 million shares valued at N162.396 million. Zenith Bank followed with 44.001 million shares worth N1.015 billion, while Access Bank traded 22.979 million shares valued at N189.174 million.
United Bank for Africa (UBA) traded 16.585 million shares valued at N119.353 million, while AXA Mansard Insurance transacted 16.43 million shares worth N14.202 million.
