Stock Market Begins Week Positive, Gains N28bn

Stock Market Begins Week Positive, Gains N28bn

Kayode Tokede

The market capitalisation o f the Nigerian Exchange (NGX) yesterday rose by N28 billion amid sustained investors bargain hunting in 28 stocks.

The NGX All-Share Index (ASI) increased by 42.71 basis points or 0.10 per cent to close at 43,897.13 basis points. Similarly, the overall market capitalisation size gained N28 billion to close at N23.651 trillion.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Dangote Cement, BUA Foods, MRS Oil Nigeria, Vitafoam Nigeria and PZ Cussons Nigeria.

Sector performances were broadly positive yesterday with the Oil and Gas index gaining 0.98 per cent, Banking deed 0.44 per cent, Industrial index appreciated by 0.26 per cent and Consumer Goods rose by 0.19 per cent) sectors closing positively.

Market sentiment, as measured by the market breadth, was positive, as 28 stocks gained relative to 19 losers. BUA Foods recorded the highest price gain of 9.96 per cent, to close at N58.50, per share. MRS Oil Nigeria followed with a gain 9.72 per cent to close at N13.55, while PZ Cussons Nigeria rose by 8.53 per cent to close at N7.00, per share.

AIICO Insurance went up by 7.69 per cent to close at 84 kobo, while NPF Microfinance Bank appreciated by 6.45 per cent to close at N1.98, per share.

On the other hand, Northern Nigeria Flour Mills (NNFM) led the losers’ chart by 9.66 per cent, to close at N6.55, per share. United Bank for Africa (UBA) followed with a decline of 6.90 per cent to close at N5.40, while Red Star Express lost 6.38 per cent to close at N3.23, per share.

MTN Nigeria Communications (MTNN) lost 5.84 per cent to close at N185.50, while Sovereign Trust Bank shed 3.85 per cent to close at 25 kobo, per share.

Meanwhile, the total volume traded declined by 21.23 per cent to 311.256 million shares, worth N8.642 billion, and traded in 5,159 deals. Transactions in the shares of BUA Foods topped the activity chart with 101.356 million shares valued at N5.929 billion.

Transnational Corporation of Nigeria (Transcorp) followed with 51.224 million shares worth N50.210 million, while Zenith Bank traded 12.130 million shares valued at N308.628 million.Guaranty Trust Holding Company (GTCO) traded 10.351 million shares valued at N265.608 million, while Sovereign Trust Insurance transacted 9.472 million shares worth N2.291 million.Analysts at InvestmentOne research said: “The equities market closed positive on the back of the gain recorded in the Industrial sector.“Going forward, […]

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