Stock Market Maintains Positive Momentum, Gains N27.8bn

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) maintained its positive growth for the second consecutive day this week amid investors bargain hunting in some mid-small capitalised stocks.

The overall market capitalisation gained N27.8 billion to close yesterday at N25.389trillion from N25.362 trillion the stock market opened for trading, while the NGX All-Share Index (ASI) added 44.43basis points or 0.09per cent to close at 47,109.25 basis points from 47,064.82basis points it opened for trading yesterday.

Sector performances of the NGX were negative yesterday with the NGX Industrial dropping by 0.34per cent, NGX Banking decline by 0.20 per cent, NGX Consumer Goods depreciated by 0.09 per cent and NGX Oil and Gas down by 0.04 per cent.

In yesterday’s trading activities, the stock market breadth index was negative with 19 gainers against 29 losers.

Learn Africa leads the gainers chart yesterday with 9.9 per cent or N0.18 increase to close at N1.99, while SCOA Plc added 9.55 per cent or N0.17 to close yesterday at N1.95. RT. Briscoe added 8.70per cent or N0.04 to close at N0.50 as Vertaskap increased by 8.70 per cent or N0.02 to close at N0.25. In addition, Japaul Gold rose by 8.57 per cent or N0.03 to close at N0.38 per share.

On the loser chart, UPDC depreciated by 6.36 per cent or N0.07 to close at N1.03, while Regal Insurance dropped by 5.13 per cent or N0.02 to close at N0.37 per share.

The likes of CI leasing dropped by 4.76 per cent or N0.18 to close at N3.50 while Prestige down by 4.44 per cent ot N0.02 to close at N0.43 per share. Chams Plc was among the top losers yesterday after shedding 4.35 per cent or N0.01 to close N0.22 per share.

In terms of activity levels, total volume and value increased by 16per cent and 117per cent respectively, as investors exchanged about 318million units of shares worth N8.26billion. Access Bank was the most actively traded stock with about 47million units of shares worth about N496million.

According to analysts at InvestmentOne research, “The equities market closed northwards today due to the gains recorded in the Telco names.

“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.”