Stock market closes bullish with N421bn gain on banking stocks

By Philemon Adedeji

Trading activities on the Nigerian Exchange Limited (NGX) closed bullished amid gain recorded in MTNN (+2.77 per cent), Zenith Bank (+4.62 per cent), and Guaranty Trust Holding Company (GTCO) (+5.20 per cent) buoyed the broad market’s strong performance. As a result, the year-to-date (YTD) return rose to 17.28 per cent, while market capitalisation gained N421.19 billion to close at N32.73 trillion.

The NGX All Share Index (ASI) appreciated by 772.98 basis points or 1.30 per cent to close at 60,108.86 absolute points from 59,335.88 absolute point it closed trade on Monday.

The market upturned performance was impacted by price appreciation in medium and large capitalised stocks which are, Afromedia, Courtville Business Solution, Ikeja hotel, Omatek and others.

The breakdown of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 4.01 performance.

Access Corporation  (+3.61 per cent) led the volume chart with 111.67 million units traded while GTCO (+5.20 per cent) led the value chart in deals worth N2.69 billion.

The trade volume increased by 38.2 per cent to 763, 696,265 million shares valued at N12.533 billion were exchanged in 9,463 deals.

As measured by market breadth market sentiment closed positive as 51 stocks dominated the leaders chart, while 13 stocks dominated the losers chart.

On the leaders table, Afromedia, Courtville Business Solution, Ikeja Hotel, Omatek led the gainers with 10.00 per cent each increased to close at N0.22, N0.66, N3.63, N0.33 per share respectively.

Trasnscohot which recorded as the last fifth gainer grew significantly by 9.97 per cent to close at N21.29 per share respectively.

However, on the losers table, Redstarex led as the highest price loser depreciated by 10.00 per cent to close at N3.15 per share respectively, Cileasing which followed suffered 9.79 per cent loss to close at N3.50 per share, while Morison went down by 9.22 per cent to close at N1.97 per share.

Sovereign Insurance which recorded as the last fourth loser dipped by 7.41 per cent to close at N0.50 per share.

Maybaker which recorded as the last fifth loser lost 6.42 per cent to close at N5.10 per share.

Transaction in the shares of Access Corporation topped the activities chart with 111.668 million shares worth N1.741 billion, Guaranty Trust Holdings Company exchanged 78.985 million shares valued at 2.692 billion, while United Bank for Africa (UBA) accounted 72.291 million shares worth N878.218 million.

Sterling Bank accounted 65.612 million shares valued at 195.574 million, while Zenith Bank sold 52.436 million shares worth N1.769 billion.