Stock market up 0.50%, driven by gains in Zenith Bank, Wapco, MTNN others


By Philemon Adedeji

Equities market on the Nigerian Exchange Limited (NGX),  extended the bullish run as the benchmark index appreciated by 244.98 absolute points representing 0.50 per cent to close at 49,233.02 points from 48,988.04 it closed trade on Wednesday, Gains in MTNN (+2.88 per cent ), Zenith Bank (+2.17 per cent) and Wapco Insurance (+2.05 per cent) kept the market in the positive territory, offsetting losses in GTCO (-1.91 per cent), FBNH (-0.46 per cent) and Geregu Power (-8.11 per cent).

Absolutely, the ASI’s Year-to-Date (YTD) return rose to 15.26 per cent, while the market capitalization gained N133.43 billion to close at N26.815 from N26.682 trillion it closed for last trading day.

The total trade volume increased by 153 per cent to settle at 222,775,126 million shares worth N2.129 billion and exchanged in 2,756 deals.

Sterling Bank led the volume chart with 153.28 million units traded while Airtel Africa led the value chart  in deals worth N744.34 million.

Yesterday’s market activities revealed that trade turnover settled higher relative to the previous session, with the value of transactions up by 27.07 per cent.

Sectoral performance was broadly positive as 12 NGX sector index closed northward, four  closed southward and two closed flat. The NGX PREMIUM index advanced by 1.25 per cent to top the gainer’s chart while the NGX MERIGRW index declined by 0.56 per cent to top the losers’ chart.

As measured by market breadth market sentiments closed positive as Capital United topped 16 others on the gainer’s table, against GEREGU Power that led six  others on the decliners log.

On the performance chart, Capital United which led the table  grew from N16.20 to N17.80, up by 1.60 Kobo or 9.88 per cent, Ardova oil which followed rose significantly from N15.25 to N16.70 , up by 1.45 Kobo or 9.51 per cent, while Cornerstone Insurance and Thomaswy moved from N0.48 to N0.52, up by 0.04 Kobo or 8.33 per cent.

LearnAfrica which recorded as the last fifth gainer went up from N1.97 to N2.13, up by 0.16 Kobo or 8.12 per cent.

Likewise, Mcnichols which recorded as the highest price loser went down by 10.00 per cent to close at N0.54 per share followed by Geregu Power which depreciated by 8.00 per cent to close at N102.00 per share, while Chams Plc which recorded as the last third loser dipped by 4.35 per cent to close at N0.22 per share.

Guaranty Trust Holding Company lost 1.91 per cent to close at N20.50 per share and United Capital which recorded as the last fifth loser went down by 1.46 per cent to close at N13.50 per share.

Transaction in the shares of Sterling Bank topped the activities chart with 153.280 million shares worth N205.432 million, accompanied by Guaranty Trust Holding Company which transacted 10.466 million shares valued at N216.962 million, while Zenith Bank traded 8.691 million shares worth N200.259 million.

First Bank Holding of Nigeria traded 4.970 million shares valued at N53.535 million and United Bank of Africa transacted 4.517 million shares worth N32.949 million.