The equities market of the Nigerian Exchange Limited (NGX) reversed the previous day’s loss with a gain of N188 billion, as bargain hunting in Geregu Power Plc and 20 others underpinned market performance.
Consequently, the All Share Index (ASI) gained 340.85 basis points or 0.51 percent to close at 67,217.77 basis points. Also, market capitalisation gained N188 billion to close at N36.930 trillion.
As a result, the Month-to-Date and Year-to-Date returns increased to +1.3per cent and +31.2per cent, respectively.
Sectoral analysis shows NGX Banking gained 1.4 percent and NGX Consumer Goods rose by 0.5 percent, while the NGX Industrial Goods and Oil & Gas indices were unchanged. NGX Insurance depreciated by 0.5 percent, the sole loser of the day.
As measured by market breadth, market sentiment was positive, as 21 stocks gained relative to 13 losers. Flour Mills of Nigeria recorded the highest price gain of 9.93 percent to close at N31.00, per share. University Press followed with a gain of 9.81 percent to close at N2.35, while Chams rose by 9.38 percent to close at N1.75, per share.
Geregu Power was up by 9.05 per cent to close at N343.50, while Thomas Wyatt Nigeria appreciated by 9.02 per cent to close at N4.35, per share.
On the other hand, VFD Group led the losers’ chart by 9.98 percent, to close at N228.20, per share. Associated Bus Company followed with a decline of 9.88 percent to close at 73 kobo, while FTN Cocoa Processors was down by 3.70 percent to close at N1.56, per share.
Nigerian Exchange Group depreciated by 3.67 percent to close at N21.00, while Vitafoam Nigeria declined by 3.44 percent to close at N22.45 per share.
The total volume traded rose by 1.7 percent to 319.904 million units, valued at N6.330 billion, and exchanged in 6,272 deals. Transactions in shares of Access Holdings topped the activity chart with 50.780 million shares valued at N264.067 million. GTCO followed with 42.044 million shares worth N1.497 billion, while Fidelity Bank traded 32.118 million shares valued at N264.067 million.
United Bank for Africa (UBA) traded 25.726 million shares valued at N496.686 million, while Sterling Financial Holdings Company sold 19.372 million shares worth N69.984 million.
InvestmentOne Research said, “The Nigerian equities market closed upwards today on the back of the positive sentiment recorded in MTN Nigeria, the Banking and Consumer Goods sectors.
“Going forward, we expect investors 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.”
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