Airtel, FTN Cocoa, Others Rally Stock Market’s N346bn Gain
The recent profit-taking occasioned by sell-offs among equities was halted Wednesday when the Nigerian Exchange Limited (NGX) returned to bullish mode.
The bullish market saw the All-Share Index (ASI) gain 641.77 index points or 1.24 per cent to settle at 52,591.41 basis points up from 51,949.64 basis points recorded on Tuesday.
Significantly, the market capitalization which represents the total value of all listed companies on the Nigerian Bourse appreciated by N346 billion, representing 1.24 per cent growth to close at N28.35 trillion as against N28.01 trillion reported the previous day.
The surge in the value of the bourse was buoyed by the rise in the share price of large and medium scale enterprises. Amongst them are; Chams Plc, Airtel Africa Plc, FTN Cocoa Plc, Veritas Kapital Plc and Royal Exchange Plc.
The market turnover decreased by 47 per cent, as a total of 382.45 million shares valued at N4.23 billion in 5,922 deals were traded compared to the previous trading session when investors bought and sold a total of 720.19 million shares worth N8.867 billion in 6,096 deals.
Despite the bullish note, that the NGX closed Wednesday, the market breadth was negative with 41 stocks dropping in value while 11 companies recorded gains compared to 39 losers and 17 gainers the previous trading session.
The laggards were led in percentage terms by McNichols Plc and Champions Breweries Plc as both firms lost 10 per cent to close at N1. 98 kobo and N3. 42 kobo per share respectively.
Similarly, PZ Cussons Plc dipped 9.92 per cent as the Consumer goods giant closed at N11.35 kobo per share.
Also, Regency Assurance Plc and NEM Insurance Plc fell 9.68 per cent and 9.25 per cent to settle at N0. 28 kobos and N3. 63 kobo per share respectively.
Conversely, Chams Plc closed trading as the biggest gainer in percentage parameters, appreciating by 9.52 per cent to close at N0. 23 kobo per share.
Telecom giant, Airtel Africa Plc, jumped 9.39 per cent to close at N1608 per share, while FTN Cocoa Plc climbed 6.06 per cent to close at N0.35 kobo per share.
On the same soaring trajectory, Veritas Kapital Plc and Royal Exchange Plc soared by 4 .76 per cent and 3 64 per cent to settle at N0.22 kobo and N1.14 kobo per share respectively.
Analysis of the NGX market activity chart reveals that UAC Nigeria Plc was the most active and valuables company in terms of volume of shares, as the consumer goods firm transacted a total of 48.19 million units of shares worth N618.64 million.
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