Renewed bargain hunting lifts NGX capitalisation by N8 billion

Renewed bargain hunting lifts NGX capitalisation by N8 billion

Nigerian Exchange Group (NGX) The Nigerian Exchange Limited (NGX) halted three consecutive days of trading losses as renewed bargain hunting in most blue-chip stocks lifted market capitalisation by N8 billion.

At the close of transactions yesterday, the All-Share Index (ASI) increased by 15.31 absolute points, representing a growth of 0.04 per cent to close at 37,872.55 points, while the overall market capitalisation gained N8 billion to close at N19.732 trillion.

The improved performance was driven by price appreciation in large and medium capitalised stocks amongst which are; Total Nigeria, MTN Nigeria Communications (MTNN), NCR Nigeria, Capital Hotel and PZ Cussons Nigeria.

Afrinvest Limited said: “We anticipate a bullish performance on the domestic bourse driven by bargain hunting activities.” Vetiva Dealings and Brokerage said: “We anticipate mixed market activity in tomorrow’s trading session as investors continue to bargain hunt ahead of earnings release.”

The market breadth closed positive as 18 stocks depreciated in price, while 11 recorded price appreciation. Capital Hotel recorded the highest price gain of 10 per cent to close at N2.64 kobo.

NCR Nigeria followed with a gain 9.89 per cent to close at N3.00, while Unity Bank appreciated by 6.78 per cent to close at 63 kobo. Total Nigeria rose by 6.06 per cent to close at N168.00 kobo.

FTN Cocoa Processors gained 5.13 per cent to close at 41 kobo. On the other hand, Linkage Assurance led the losers’ chart by 5.41 per cent to close at 70 kobo. Cornerstone Assurance followed with a decline of 5.36 per cent to close at 53 kobo.

Oando lost 4.14 per cent to close at N3.01 kobo. Consolidated Hallmark Insurance lost 2.86 per cent to close at 68 kobo, while Access Bank shed 2.17 per cent to close at N9.00 kobo.

The total volume of trades fell marginally by 0.02 per cent to 197.232 million units, valued at N2.140 billion, and exchanged in 3,610 deals.

Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 35.922 million shares valued at N269.553 million. Access Bank followed with 28.646 million shares worth N259.577 million, while Zenith Bank traded 17.648 million shares valued at N424.695 million.

UACN Property Development Company (UPDC) traded 13.768 million shares valued at N20.035 million, while Guaranty Trust Holding Company (GTCO) transacted 10.374 million shares worth N304.516 million.

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