Stock Market Sustains Positive Momentum for Third Consecutive Session, Adds N46bn – TrendyNewsReporters

Stock Market Sustains Positive Momentum for Third Consecutive Session, Adds N46bn

The stock market of the Nigerian Exchange Limited (NGX) sustained its positive momentum for the third consecutive session yesterday as market capitalisation gained N46 billion over investors buy interest in Guaranty Trust Holding Company Plc (GTCO) that gained 1.69 per cent and Zenith bank 1.25 per cent, to keep the market in positive terrain.

The gained recorded lifted the NGX All Share Index (ASI) by 85.15 basis points o 0.18 per cent to close at 48,223.86 basis points, the highest point since September 16, 2008.

Consequently, the overall market capitalisation value gained N46 billion to close at N25.998 trillion.

The stock market in its Month-to-Date and Year-to-Date returns increased to 2.7per cent and 12.9per cent, respectively.

Performance across sectors was broadly positive, as the NGX Oil & Gas appreciated by 1.6per cent, NGX Banking that gained 0.5per cent, NGX Insurance that gained 0.4 per cent,  NGX Consumer Goods added 0.2per cent, and NGX Industrial Goods rose by 0.1per cent.

As measured by market breadth, market sentiment was positive as 28 stocks gained relative to nine losers.

Berger Paints and Eterna recorded the highest price gain of 10 per cent each to close at N7.70 and N6.05 respectively, while Oando followed with a gain 9.90 per cent to close at N5.33, per share.

MEYER Plc rose by 9.84 per cent to close at N2.12, while Skyway Aviation Handling Company appreciated by 9.83 per cent to close at N6.37, per share.

On the other hand, SCOA Nigeria led the losers’ chart by 9.77 per cent to close at N1.94, per share. Associated Bus Company followed with a decline of 6.45 per cent to close at 29 kobo, while Neimeth International Pharmaceuticals depreciated by 3.55 per cent to close at N1.36, per share.

May & Baker Nigeria declined by 2.95 per cent to close at N4.27, while AIICO Insurance depreciated by 1.45 per cent to close at 68 kobo, per share.

Meanwhile, the total volume traded decreased by 30 per cent to 244.694 million units, valued at N3.151 billion, and exchanged in 4,859 deals.

Transactions in the shares of Custodian Investment   topped the activity chart with 38.704 million shares valued at N255.452 million.

Oando followed with 19.488 million shares worth N101.332 million, while Fidelity Bank traded 17.291 million shares valued at N66.861 billion.

Nigerian Breweries traded 15.264 million shares valued at N733.006 million, while Transnational Corporation of Nigeria (Transcorp) transacted 13.888 million shares worth N14.019 million.

Analysts at InvestmentOne research said, “The equities market closed northwards today due to the gains recorded across most sectors.

“Going forward, 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.”


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