NGX opens week bullish with N534bn gain on MTN stock, others

By Philemon Adedeji

Opening the week at the Nigerian Exchange Limited (NGX), the Nigerian equities extended its bullish run as the All Share Index (ASI) appreciated by 980.97 basis points or 1.61 per cent stronger to close at 61,949.24 absolute points from 60,968.27 absolute points it closed trade on Friday. Increased demand for MTNN (+1.68 per cent) alongside ZENITH BANK (+2.92 per cent) and Guaranty Trust Holding Company (GTCO) (+4.92 per cent) contributed to keep the market in the green.

As a result, the year-to-date (YTD) return rose to 20.87 per cent, while market capitalisation gained N534.01 billion to close at N33.73 trillion.

Analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 12.01 oer cent.

The trade volume increased to 1,205,487,439 billion shares valued at N14.039 billion were exchanged in 12,128 deals.

First City Monument Bank (FCMB) (+5.88 per cent) led the volume chart with 173.81million units traded while ACCESS CORPORATION (+9.94 per cent) led the value chart in deals worth N2.38 billion.

As measured by market breadth, market sentiment closed positive as Eterna Oil led 67 stocks  on the price movement chart, while Triple G led  16 stocks on the price losers chart

On the price gainers table, Eterna Oil, Meyer, Fidelity Bank, Japaulgold, Linkage Assurance gained 10.00 per cent each to close at N23.10, N2.64, N7.70, N0.77 and N0.77 per share respectively

On the decliners log, Triple G led as the best price loser which lost 9.87 per cent to close at N3.38 per share, Cornerstone Insurance and NSLtech which followed went down by 9.09 per cent to close at N1.00 and N0.30 per share respectively

ABCtrans which recorded as the last fourth loser suffered 6.82 per cent loss to close at N0.41 per share, while Julius Berger which recorded as the last fifth loser dropped by 3.23 per cent to close at N30.00 per share.

Transaction in the shares of First City Monument Bank topped the activities chart with 173.808 million shares worth N930.697 million, United Bank of Africa which followed transacted 160.673 million shares valued at N2.119 billion, while Access Corporation accounted 132.518 million shares valued at N2.383 billion.

Jaiz bank traded 80.631 million shares worth N138.392 million, while Transnational Corporation traded 74.963 million shares worth N285.247million.

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