Stock Market Extends Positive Momentum, Up 0.09%

Stock Market Extends Positive Momentum, Up 0.09%

Kayode Tokede

The Nigerian stock market yesterday extended its positive momentum, gaining 0.09 per cent following investors’ interest in MTN Nigeria Communication Plc and United Bank for Africa Plc (UBA), and 34 other stocks.

As MTN Nigeria Communication and UBA gained 0.6 per cent and 3.1 per cent respectively, the Nigerian Exchange Limited All-Share Index gained 65.19 basis points or 0.09 per cent to close at 72,470.10 basis points from 72,404.91 basis points it opened.

Also, market capitalisation rose by N36 billion to close at N39.657 trillion from N39.621trillion it closed the previous day.  

Consequently, the stock market in its Month-to-Date and Year-to-Date returns increased to +1.6per cent and +41.4per cent, respectively.

Analysing by sectors, the NGX Banking Index gained 1.9per cent, NGX Insurance index added 0.4 per cent, and NGX Industrial Goods Index increased by 0.2 per cent, while the NGX Oil & Gas index closed flat.

Conversely, the NGX Consumer Goods index dropped by 0.2per cent, the sole loser for the day.

As measured by market breadth, market sentiment was positive, as 36 stocks gained relative to 13 losers. Infinity Trust Mortgage Bank and Caverton Offshore Support Group emerged the highest price gainer of 10 per cent each to close at N3.41 and N1.76 respectively, while NNFM followed with a gain of 9.42 per cent to close at N42.40, per share.

R.T. Briscoe Nigeria increased by 9.09 per cent to close at 60 kobo, while The Initiates (TIP) added 8.26 per cent to close at N1.18, per share.

On the other side, Omatek Ventures led others on the losers’ chart with 10 per cent to close at 63 kobo, per share. Prestige Assurance followed with a decline of 9.62 per cent to close at 47 kobo, while eTranzact International shed 9.60 per cent to close at N5.65, per share.

Stanbic IBTC Holdings lost 9.08 per cent to close at N59.10, while UPDC depreciated by 9.02 per cent to close at N1.21, per share.

The total volume traded increased by 26.8 per cent to 411.21 million units, valued at N6.95 billion, and exchanged in 6,870 deals. Transactions in the shares of UPDC Real Estate Investment Trust led the activity with 42.029 million shares worth N187.031 million. UBA followed with account of 34.659 million shares valued at N848.471 million, while Veritas Kapital Assurance traded 27.707 million shares valued at N9.865 million.

Access Holdings traded 27.568 million shares worth N611.805 million, while FCMB Group traded 25.594 million shares worth N183.177 million.

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