Investors on NGX Gain N252.42bn as YTD Return Hits 8.59%

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday sustained its positive sentiment, gaining N252.42billion as investors renewed interest in Airtel Africa Plc and 23 others..

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Airtel Africa, MTN Nigeria Communications (MTNN), Ardova, Lafarge Africa and UAC of Nigeria (UACN).

However, the overall market capitalisation value rose by N252 billion to close at N22.821 trillion from N22.569trillion it opened for trading yesterday.

Consequently, the NGX All-Share Index (ASI) increased by 483.68 basis points, representing a rise of 1.12 per cent, to close at 43,730.55 points from 43,246.87 basis points. .

Across sectors, gains in the Industrial Goods (+0.2 per cent), Consumer Goods (+0.2 per cent), Oil & Gas (+0.1 per cent), and Banking (+0.1 per cent) indices reflected the overall market performance. However, the Insurance (-0.3 per cent) index declined.

The market breadth closed positive, recording 24 gainers as against 16 losers. Associated Bus Company and FTN Cocoa processors recorded the highest price gain of 10 per cent each to close at 33 kobo and 44 kobo, respectively, while Ardova Plc followed with a gain of 7.38 per cent to close at N14.55, per share.

UACN up by 7.14 per cent to close at N11.25, while Livestock Feeds appreciated by 6.83 per cent to close at N2.19, per share. On the other hand, Berger Paints Nigeria led the losers’ chart by 9.52 per cent to close at N8.55, per share. Caverton Offshore Support Group followed with a decline of 9.09 per cent to close at N1.70, while University Press declined by 7.39 per cent to close at N2.13, per share.

Regency Alliance Insurance declined by 6.82 per cent to close at 41 kobo, while Conoil Plc shed 5.65 per cent to close at N21.70, per share.

Meanwhile, the total volume of trades declined by 36.72 per cent to 280.714 million units, valued at N3.476 billion, and exchanged in 4,342 deals. Transactions in the shares of Sterling Bank topped the activity chart with 83.313 million shares valued at N125.056 million. UACN followed with 34.207 million shares worth N360.536 million, while Zenith Bank traded 17.478 million shares valued at N427.157 million.

United Capital traded 17.450 million shares valued at N169.807 million, while Access Bank transacted 15.273 million shares worth N144.366 million.

Analysts at Afrinvest Limited stated that “In the subsequent trading session, we expect the positive sentiment to linger due to sustained interest in the ICT space.”

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