By Philemon Adedeji
The Nigerian Exchange Limited (NGX) opened the week on upward trend local bourse rebounded by 373.62 basis points to represent 0.60 per cent to close at 62,943.35 Index points from 62,569.73 Index point s it closed trade on Friday.
Investor interest in ZENITH BANK (+4.46 per cent), GEREGU POWER (+6.06 per cent) and Guaranty Trust Holding Company (GTCO) (+0.89 per cent) were the primary drivers of the overall market’s strong performance offsetting losses in DANGOTE CEMENT (-1.49 per cent), Nigerisn Breweries (-5.13 per cent) and DANGOTE SUGAR(-3.10 per cent).
As a result, the year-to-date (YTD) return rose to 22.81 per cent, while market capitalization gained N203.44 billion to close at N34.273 trillion.
The market’s upturn performance was primarily attributed to price appreciation in medium and large capitalised stocks which are, Daar Communication, Fidelity Bank, Zenith Bank, Unilever plc and others
The breakdown of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 56.66 per cent
The total trade volume stood at 710, 018, 266 million shares valued at N13.83 billion were exchanged in 8,979 deals.
STERLING BANK (+9.97 per cent) led the volume chart with 65.95 million units traded while DANGOTE CEMENT (-1.49 per cent) led the value chart in deals worth N7.49 billion.
The market sentiment as measured by market breadth closed positive as 42 stocks led the gainers as against 28 stocks the led the losers on the laggards log.
On the price gainers table, Daar communication, Fidelity Bank, Unilever plc led the gainers with 10.00 per cent each increased to close at N0.33, N7.37, N15.95 per share respectively.
Sterling Bank which recorded as the last fourth loser appreciated by 9.97 per cent to close at N3.42 per share, while Johnholts which recorded ss the last fifth gainer rose by 9.94 per cent to close at N1.99 per share.
On the price losers chart, PZ Cussion, Union Bank of Nigeria, Veritas Kapita, SFS Real Estate Investment lost 10.00 per cent each to close at N16.20, N6.30, N0.27, N69.30 per share Respectively
FTNCocoa processor which recorded as the last fifth loser went down by 9.93 per cent to close at N2.54 per share.
Transaction in the shares of Sterling bank topped the activities chart with 65.948 million share worth 216.572 million, Transnational Corporation which followed transacted 62.200 million share value at 225.594 million, while Unity Bank traded 59.665 million share value at 79.965 million.
Access Corporation traded 51.054 million share worth 828.767 million, while Univinsure accounted 49.806 million share worth 12.335 million.