NGX index rise 1.35%, as Nestlé Nigeria, MTNN others lead gainers

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By Philemon Adedeji

The Nigerian stock market yesterday ended on a bullish note with a gain of N365 billion following appreciation in Nestle Nigeria, MTNN, UACN and 16 others.

In summary, the All-Share Index (ASI) grew by 675.72 absolute points, representing a rise of 1.35 per cent, to close at 50,626.04 index points. Similarly, in Naira terms the overall market capitalisation value gained N365 billion to close at N27.301 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Nestle Nigeria, MTN Nigeria Communications (MTNN), UAC of Nigeria (UACN), Unilever Nigeria and Zenith Bank.

Analysts at GTI Securities Limited said that “Transaction on the equity market for  closed positive, as investors’ increased bullish sentiment in 19 stocks lifted the market up by 1.35 per cent. We expect a continuous mixed sentiment as  more companies second quarter (Q2) performances are released.”

As measured by market breadth, market sentiment was positive, as 19 stocks gained, relative to nine losers.

Honeywell Flour Mill recorded the highest price gain of 9.66 per cent to close at N2.27, per share. Jaiz Bank followed with a gain 9.46 per cent to close at 81 kobo, while Caverton Offshore Support Group rose by 8.18 per cent to close at N1.19, per share.

Japaul Gold and Ventures went up by 8.00 per cent to close at 27 kobo, while AXA Mansard Insurance appreciated by 7.56 per cent  to close at N1.85,  per share.

On the other hand, McNichols Plc and Wapic Insurance led the losers’ chart by 9.76 per cent each to close at 74 kobo and 37 kobo respectively, while  Chams  followed with a decline of 8.00 per cent to close at 23 kobo, per share.

Nigerian Exchange Group (NGX Group)  lost 2.73 per cent to close at N21.35, while United Bank for Africa (UBA) shed 2.08 per cent to close at N7.05, per share.

However, the total volume of trades fell by 26.6 per cent to 129.166 million units, valued at N2.862 billion, and exchanged in 4,706 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 14.595 million shares valued at N159.556 billion. Multiverse Mining & Exploration  followed with 9.478 million shares worth N18.008 million, while Guaranty Trust Bank Holding Company (GTCO) traded 9.367 million shares valued at N191.029 million.

Zenith Bank traded 9.293 million shares valued at N196.245 million, while  AIICO Insurance transacted 6.388 million shares worth N3.766 million.