On Wednesday, the equities market of the Nigerian Exchange Limited (NGX) closed on a positive trend, as the bulls continued on the market amid price appreciations in Eterna Plc and 18 others.
The NGX All-Share Index rose by 27.11 basis points or 0.04 percent, to close at 67,353.23 basis points. Similarly, the overall market capitalisation value gained N15 billion to close at N37.004 trillion.
The market’s positive performance was driven by price appreciation in large and medium-capitalised stocks: Eterna, Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), and Berger Paints.
According to analysts at InvestmentOne Research, “The local bourse closed positive on the back of the gains printed in the Banking and Oil and gas sectors. In the future, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”
As measured by market breadth, market sentiment was positive, as 19 stocks gained while 18 stocks lost. Guinea Insurance recorded the highest price gain of 9.09 percent to close at 24 kobo, per share. Eterna followed with a gain of 6.86 percent to close at N14.80 and Unity Bank was up by 5.49 percent to close at 96 kobo, per share.
Jaiz Bank appreciated by 5.26 percent to close at N1.60, while Omatek Ventures rose by 4.55 percent to close at 46 kobo, per share. On the other hand, Computer Warehouse Group (CWG) led the losers’ chart by 10 percent to close at 95 kobos, per share. R.T. Briscoe Nigeria followed with a decline of 8.77 percent to close at 52 kobo, while Africa Prudential lost 7.14 percent to close at N6.50, per share.
FTN Cocoa Processors was down by 6.29 percent to close at N1.64, while NEIMETH International Pharmaceuticals declined by 6.06 percent to close at N1.55, per share.
The total volume traded advanced by 5.2 percent to 397.56 million units, valued at N4.70 billion, and exchanged in 6,165 deals. Transactions in shares of Wema Bank topped the activity chart with 88.986 million shares valued at N418.147 million. Access Holdings followed with 35.607 million shares worth N598.485 million, while United Bank for Africa (UBA) traded 35.171 million shares valued at N659.134 million.
Fidelity Bank traded 33.406 million shares valued at N279.513 million, while GTCO transacted 23.421 million shares worth N828.481 million.
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