NGX reverses bearish trends as marketcap gains N32bn

MOTOLANI OSENI

The Nigerian Exchange (NGX) on Monday reversed its bearish trends, as the overall market capitalisation value gained N32 billion to close at N22.576 trillion.

The stock market gained 0.14 per cent as the rout in equities prices reversed on gains recorded in some high capitalised stocks.

Specifically, the All-Share Index (ASI) grew by 60.86 absolute points, representing an increase of 0.14 per cent, to close at 43,260.13 points.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Nestle Nigeria, FBN Holdings (FBNH), Conoil, Honeywell Flour Mills and Zenith Bank.

This week, analysts at United Capital Plc said “We expect a sideways market, with a bias towards the bias, as we expect continued investor profit-taking on gains from the nine months earnings season. Additionally, market participants will be watching the fixed income space.”

Market breadth was positive as 18 stocks advanced as against 16 stocks declined. Honeywell Flour Mills recorded the highest price gain of 9.73 per cent to close at N3.72, per share. NEM Insurance followed with a gain of 7.89 per cent to close at N2.05, while FBNH went up by 6.49 per cent to close at N12.30, per share.

Oando rose by 5.97 per cent to close at N5.15, while Champion Breweries gained 3.83 per cent to close at N2.71, per share. On the other hand, The Initiates Plc led the losers’ chart by 9.76 per cent to close at 37 kobo, per share. UACN Property Development Company (UPDC) followed with a decline of 9.74 per cent to close at N1.39, while FTN Cocoa processors declined by 9.09 to close at 40 kobo, per share.

Japaul Gold and Ventures lost 4.88 per cent to close at 39 kobo, while Universal Insurance shed 4.76 per cent to close at 20 kobo, per share.

The total volume of trades increased by 1,103.94 per cent to 2.402 billion units, valued at N16.467 billion, and exchanged in 4,811 deals. Transactions in the shares of Oando topped the activity chart with 1.973 billion shares valued at N11.834 billion. Mutual Benefits Assurance followed with 133.976 million shares worth N32.591 million, while FBNH traded 88.659 million shares valued at N1.077 billion.

Guaranty Trust Holding Company (GTCO) traded 43.152 million shares valued at N1.104 billion, while Sterling Bank transacted 25.499 million shares worth N37.749 million.