Zenith Bank, GTCO, others lifts market capitalization by N32bn amid bullish sentiments

By Philemon Adedeji

Equities market on the Nigerian Exchange Limited (NGX), extended it’s winning streak for the third day of the week as investors in the banking stock, Zenith Bank, Guaranty Trust Holding Company (GTCO) and First Bank Holding Sustained interest drove market performance, offsetting losses in Accesscorp and Geregu Power.

The NGX All-Share Index gained 59.25 basis points or 0.12 per cent to close at 49,475.43 Index points from 49416.18 Index points it closed for previous trading.

Respectivetly, the year-to-date (YTD) return rose to 15.82 per cent while the market capitalization gained N32 billion to close at N26.947 trillion from N26.915 trillion it closed trade on Tuesday.

Analysis of yesterday’s market activities indicated that trade turnover settled higher relative to the previous session, with the value of transactions up by 389.87 per cent.

The trade volume inched weight by 310.7 per cent to close at 411,150,91 million shares worth N6.347 billion were exchanged in 2,992 deals. UPDC Real Estate Investment led the volume chart with 245.33milion units traded, while Geregu Power led the value charts in deals worth N2.629 billion.

The market sentiments as measured by market breadth closed positive as UPL topped 17  gainer’s, as against Japaulgold that led 10  others on the laggard’s table.

On the leaders chart, UPL topped with 9.83 per cent increased to close at N1.90 per share, Thomaswy which followed grew significantly by 9.68 per cent to close at N0.68 per share while Africa Prudential which recorded as the ast third gainer went up by 9.35 per cent to close at N5.85 per cent.

Champion breweries appreciated by 4.88 per cent to close at N4.30 per share and Cham Plc which recorded as the last fifth gainer rose by 4.76 per cent to close at N0.22 per share.

On the negative side, Japaulgold led the losers chart with 3.70 per cent to close at N0.26 per share followed by Mutual Benefit Assurance which lost 3.45 per cent to close at N0.28 per share,while Ftncocoa processor diminished by 3.33 per cent to close at N0.29 per share.

Wema Bank which recorded as the last fourth loser depreciated by 2.73 per cent to close at N3.21 per share. Wapic Insurance which recorded as the last fifth loser went down by 2.44 per cent to close at N0.40 per share.

Transaction in the shares of UPDC Real Estate Investment topped the activities chart with 245.330 million shares worth N760.474 million, accompanied by First Bank Holding of Nigeria which transacted 55.926 million shares valued at N610.992 million, while Geregu Power traded 25.042 million shares valued at N2.629 billion.

Zenith Bank transacted 7.619 million shares worth N185.842 million.

Guaranty Trust Holding Company traded 6.866 million shares worth N151.461 million.