Africa Prudential, 20 Others Lift Stock market by N32bn

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday gained  N32 billion  following Investors’ buy pressures on Africa Prudential Plc and 20 others.

Consequently, the All Share Index (ASI) rose by 59.25 basis points or  0.12 per cent to close at 49,475.43 basis points. Accordingly, investors gained N32 billion in value as market capitalisation went up to N26.948 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Africa Prudential, FBN Holdings (FBNH), Guaranty Trust Holding Company (GTCO), Champion Breweries and United Capital.

Market breadth closed positive as 21 stocks posted gains while 11 stocks posted declines. University Press recorded the highest price gain of 9.83 per cent to close at N1.90, per share. Thomas Wyatt Nigeria followed with a gain 9.68 per cent to close at 68 kobo, while Africa Prudential went up by 9.35 per cent to close at N5.85, per share.

Champion Breweries went up by 4.88 per cent to close at N4.30, while Chams  appreciated by 4.76 per cent to close at 22 kobo, per share. On the other hand, Japaul Gold & Ventures led the losers’ chart by 3.70 per cent to close at 26 kobo, per share. Mutual Benefits Assurance followed with a decline of 3.45 per cent to close at 28 kobo, while FTN Cocoa Processors went down by 3.33 to close at 29 kobo, per share. 

Wema Bank lost 2.73 per cent to close at N3.21, while Wapic Insurance shed 2.44 per cent to close at 40 kobo, per share.

The total volume traded grew by 310.9 per cent to 411.151 million shares, worth N6.348 billion, and traded in 2,992 deals. Transactions in the shares of UPDC Real Estate Investment Trust (UPDCREIT) topped the activity chart with 245.331 million shares valued at N760.474 million. FBNH followed with 55.926 million shares worth N610.993 million, while Geregu Power traded 25.043 million shares valued at N2.629 billion.

Zenith Bank traded 7.620 million shares valued at N185.842 million, while Guaranty Trust Holding Company (GTCO) transacted 6.867 million shares worth N151.462 million.

Analysts at Afrinvest Limited said “in the penultimate trading session for the week, we anticipate the bullish performance would be sustained in the absence of any negative catalyst.”