Price Appreciation in MTN Nigeria, FBN Holdings Drive Stock Market By N54bn
The stock market of the Nigerian Exchange Limited (NGX) yesterday closed trading activities on a positive note to reverse the previous trading session bearish sentiment, as market capitalisation in…
The stock market of the Nigerian Exchange Limited (NGX) yesterday closed trading activities on a positive note to reverse the previous trading session bearish sentiment, as market capitalisation increased by N54 billion.The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; MTN Nigeria Communications (MTNN), FBN Holdings (FBNH), Nigerian Exchange Group and GlaxoSmithKline Consumer Nigeria.
In summary, the NGX All-Share Index (ASI) increased by 105.04 basis points, representing a rise of 0.26 per cent, to close at 41,249.71 points. Similarly, the overall market capitalisation value surged by N54 billion to close at N21.526 trillion.Sector performances were negative today with the Oil and Gas (-0.39 per cent), Consumer Goods (-0.24 per cent) and Banking (-0.20 per cent) sectors closing in negative territory, while the Industrial (+0.34 per cent) sector closed positive.
Similarly, the market breadth closed positive, recording 21 gainers as against 18 losers. Nigerian Exchange Group recorded the highest price gain of 10 per cent to close at N21.45, per share. GlaxoSmithKline Consumer Nigeria followed with a gain of 6.87 per cent to close at N7.00 and NPF Microfinance Bank went up 5.85 per cent to close at N1.81, per share. headtopics.com
Wapic Insurance up by 4.17 per cent to close at 50 kobo, while FBNH appreciated by 3.83, per cent to close at N12.20, per share.On the other hand, prestige led the losers’ chart by 8.51 per cent to close at 43 kobo, while Academy Press and Consolidated Hallmark Insurance followed with a decline of 8.33 per cent each to close at 33 kobo and 55 kobo respective, per share.
Cadbury Nigeria declined 5.88 per cent to close at N8.00, while Union Bank of Nigeria (UBN) shed 5.66 per cent to close at N5.00, per share.Meanwhile, the total volume of trades increased by 47.47 per cent to 499.508 million units, valued at N5.079 billion, and exchanged in 5,998 deals.
Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 147.602 million shares valued at N1.756 billion. eTranzact International followed with 105.167 million shares worth N215.594 million, while Access Bank traded 27.855 million shares valued at N265.973 million.
Transnational Corporation of Nigeria (Transcorp) traded 22.293 million shares valued at N22.783 million, while Guaranty Trust Holding Company (GTCO) transacted 20.595 million shares worth N612.908 million.InvestmentOne Research in a report said: “The equities market closed up today due to the gains recorded in the Industrial sector and MTNN. headtopics.com
“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”Read more: THISDAY LIVE »
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