NGX index up 36%, amid bullish sentiments on Zenith Bank, GTCO, others
By Philemon Adedeji
At the Nigerian Exchange Limited (NGX), equities market extended the bullish run as the benchmark All Share Index (ASI) rose by 188.04 basis points representing 0.36 per cent to close at 52,419.33 absolute points from 52,231.29 absolute points.
Gains in Tier-1 banking names Zenith Bank (+1.45 per cent), GTCO (+4.15 per cent) and Access Corporation (+1.50 per cent) were the main drivers of the market’s overall performance.
Consequently, the year-to-date (YTD) return rose to 2.28 per cent while the market capitalisation rose by N102.39 billion to close at N28.54 trillion from N28. 440 it closed trade on Monday.
The upturn performance was impacted by price appreciation in medium and large capitalised stocks which are: Nigerian Breweries, FTNCOCOA Processor, Sovereign insurance and 23 others.
The breakdown of yesterday’s market performance indicated trade turnover closed higher relative to the previous session, with the value of transactions up by 21.25 per cent.
The trade volume declined further by 7.9 per cent to close at 576,851 million shares valued at N6.79 billion were exchanged in 6,143 deals.
UBA led the volume chart with 94.31 million units traded, while Zenith Bank led the value chart in deals worth N1.40 billion.
The market sentiments closed positive with 26 gainers on the advancers chart as against 19 losers on the laggards logs.
On the price movement chart, Nigerian Breweries emerged as the highest price gainer which appreciated by 9.97 per cent to close at N35.30 per share, FTNCOCOA Processor which followed grew by 9.68 per cent increased to close at N0.34 per share, while Sovereign Insurance rose by 9.52 per cent to close at N0.46 per share.
Cornest insurance which recorded as the last fourth gainer went up by 8.82 per cent to close at N0.74 per share.
Transnational Corporation which recorded as the last fifth gainer appreciated by 7.75 per cent to close at N3.06 per share.
However, on the laggards logs, Computer Warehouse Group led as the best price loser at the close trade which depreciated by 9.63 per cent to close at N1.69 per share, Courtville Business Solution which followed dipped by 6.52 per cent to close at N0.43 per share, while Ardova Oil which recorded as the last third loser suffered 6.06 per cent to close at N24.80 per share.
Glaxosmith which recorded as the last fourth loser shed 4.41 per cent to close at N6.50 per share. Royal Exchange which recorded as the last fifth loser declined by 4.00 per cent to close at N0. 48 per share.
Transaction in the shares of United Bank for Africa (UBA) topped the activities chart with 94.307 million shares worth N795.904 million, Transnational Corporation which followed transacted 86.420 million shares valued at N261.679 million, while Access Corporation exchanged 62.424 million shares worth N635.673 million.
Zenith Bank which traded 57.386 million shares valued at N1.404 billion, while First Bank Holding of Nigeria accounted 47.434 million shares valued at N571.490 million.
