Equities Market Recovers, Gains N146bn

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Recovering from the previous session’s loss, the equities market of the Nigerian Exchange Limited (NGX) on Tuesday posted an N146 billion gain on renewed bargain hunting by investors.

The NGX All Share Index (ASI) rose by 227.91 basis points or 0.32 percent to close at 70,840.72 basis points. Also, market capitalisation appreciated by N146 billion to close at N38.941 trillion.

Sectoral performance was mixed as NGX Industrial added 1.39 percent and NGX Banking rose by 0.69 percent, while NGX Oil & Gas dropped by 0.89 percent and NGX Consumer Goods dipped by 0.11 percent.

Analysts at InvestmentOne Research said the stock market advanced yesterday due to the buy-ins recorded in the Industrial and Banking sectors.

“Looking ahead, we expect investor 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 35 stocks gained relative to 16 losers. NNFM recorded the highest price gain of 10 percent to close at N19.80, while Mecure Industries followed with a gain of 9.98 percent to close at N4.74, per share.

C&I Leasing rose by 9.97 percent to close at N3.75, while Meyer and LivingTrust Mortgage Bank appreciated by 9.96 percent each to close at N2.98 each, per share. On the other hand, Red Star Express led the losers’ chart by 9.76 percent to close at N2.96, per share. FTN Cocoa Processors followed with a decline of 9.29 percent to close at N1.66, while Mutual Benefits Assurance lost 5.77 percent to close at 49 Kobo, per share.

Caverton Offshore Support Group depreciated by 4.83 percent to close at N1.38, while Prestige Assurance declined by 4.44 percent to close at 43 kobo per share.

The total volume traded decreased by 31.0 percent to 327.43 million units, valued at N3.37 billion, and exchanged in 6,533 deals. Transactions in shares of Japaul Gold & Ventures topped the activity chart with 44.698 million shares valued at N82.766 million. Fidelity Bank followed with 36.361 million shares worth N326.828 million, while United Bank for Africa (UBA) traded 26.704 million shares valued at N555.022 million.

Oando traded 21.251 million shares valued at N230.362 million, while Jaiz Bank sold 18.769 million shares worth N30.263 million.