NGX Sustains Positive Trend As Market Cap Value Gains N70bn

The Nigerian Stocks Exchange Limited (NGX) yesterday sustained the previous session gaining streak with a N70 billion market capitalisation value gain.

At the close of the Thursday trading session, the overall market capitalisation value gain stood at N70 billion to close at N25.481 trillion, while the All-Share Index (ASI) grew by 129.11 absolute points, representing an increase of 0.27 per cent to close at 47,286.34 points.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Total Nigeria, Guinness Nigeria, Flour Mills of Nigeria, Nigerian Exchange Group (NGXGroup) and FBN Holdings (FBNH).

Analysts at Afrinvest Limited said that “in the final trading session for the week, we anticipate an extended positive performance on improved investor sentiment.”

As measured by market breadth, market sentiment was positive, as 30 stocks gained relative to nine losers. Guinness Nigeria recorded the highest price gain of 10 per cent to close at N55.00, per share. TotalEnergies Marketing Nigeria formerly (Total Nigeria) followed with a gain of 9.92 per cent to close at N264.90, while UACN Property Development Company (UPDC) up by 9.90 per cent to close at N1.11, per share.

R.T. Briscoe Nigeria rose by 9.09 per cent to close at 36 kobo, while University Press appreciated by 8.16 per cent to close at N2.65, per share. On the other hand, Veritas Kapital Assurance led the losers’ chart by 4.35 per cent to close at 22 kobo, per share. Union Bank of Nigeria (UBN) followed with a decline of 3.20 per cent to close at N6.05, while Ikeja Hotel declined by 2.74 per cent to close at N1.42, per share.

Regency Alliance Insurance lost 2.50 per cent to close at 39 kobo, while FCMB Group depreciated by 2.34 per cent to close at N2.92, per share.

The total volume of trades decreased by 33.4 per cent to 198.115 million units, valued at N3.405 billion, and exchanged in 4,294 deals. Transactions in the shares of Chams Plc topped the activity chart with 16.738 million shares valued at N3.515 million. Transnational Corporation of Nigeria (Transcorp) followed with 15.381 million shares worth N17.816 million, while Access Bank traded 14.287 million shares valued at N149.459 million.