Seplat, Cornerstone Insurance, Wema Bank Rally NGX To N56.5bn Gain
The stock market commenced the week on a positive note with the Nigerian Exchange Limited (NGX) closing bullish Monday.
The NGX All-Share Index (ASI) gained 104.82 index points or 0 20 per cent, coo currently stands at 52,319.94 basis points, as against 52,215.12 basis points recorded on Friday.
Also, the market capitalization of all listed equities on the domestic bourse appreciated by N56.53 billion, indicating a 0.20 per cent growth, to settle at N28.21 trillion, up from N28.16 trillion reported the previous trading session.
The appreciation of the stock market was boosted by gains recorded by large and medium-scale equity firms. Amongst them are; Sept Energy Plc, Cornerstone Insurance Plc, RtBriscoe Plc, Wema Bank Plc and Fidson Plc.
The market turnover decreased by 38.9 per cent as investors bought and sold a total of 116.28 million shares valued at N3.46 billion in 4,525 deals compared to 190.09 million units of shares worth N4.13 billion in 3,893 deals that exchanged hands the previous trading session.
Despite the rise of key NGX indices, the market breadth closed negative with 22 laggard Equities compared to 16 advanced stocks.
The gainers’ table was led in percentage terms by Seplat Energy Plc, as the Oil and Gas company rose 10 per cent to settle at N1430.50 kobo per share.
Cornerstone Insurance Plc jumped 8.77 per cent to close at N0. 62 kobo per share, while RtBriscoe Plc climbed 8.11 per cent to settle at N0.40 kobo per share.
Similarly, Wema Bank Plc and Fidson Plc soared by 6.95 per cent and 5.21 per cent to settle at N4 and N9.90 kobo per share respectively.
Conversely, CWG Plc dominated the losers’ chart in percentage parameter as the company fell by 10 per cent to close at N0. 81 kobo per share
Also, Academy Press plc dipped 9.50 per cent to close at N2 per share, while Honeywell Flour Plc declined by 9.09 per cent to settle at N2. 50 kobo per share.
In the same vein, NAHCO Plc and Regency Assurance Plc shed 8.81 per cent and 7.41 per cent to settle at N6 and N0.25 kobo per share respectively.
Analysis of the NGX market activity chart shows that United Bank for Africa (UBA) plc closed trading as the most active stock in volume parameters, as the lender sold 12.9 million shares worth N96.87 million. Zenith Bank Plc was the most valuable firm, transacting a total of 10.67 million valued at N235.67 million.
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