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NGX opens week upbeat with N59bn growth

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The nation’s bourse opened trading for the new week on Monday on a positive note with a growth of N59 billion, following interests in Tier 1 banks.

Specifically, the market capitalisation which opened at N20.431 trillion inched higher by N59 billion to close at N20.490 trillion.

Also, the All-Share Index increased by 113.99 points or 0.29 per cent to close at 39,312.74 from 39,198.75 achieved on Friday.

Accordingly, the month-to-date and year-to-date losses moderated to 1.3 per cent and 2.4 per cent, respectively.

The gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Zenith Bank, Guaranty Trust Bank, Okomu Oil, Africa Prudential and Lafarge Africa.

Analysts at United Capital Plc had anticipated that the bears would dominate transactions this week, amid Treasury Bills auction.

“We expect the overall theme of the market to tilt towards the bears, considering the anticipated NTB auction scheduled to hold later in the week.

“However, following profit-taking last week, we expect investors to pick up attractive stocks on the dip in the earlier trading sessions,” they said.

Consequently, the market closed on a positive note with 28 gainers against 15 losers.

Associated Bus Company and Regency Alliance Insurance dominated the gainers’ chart in percentage terms, with 9.68 per cent each to close at 34k per share, respectively.

Union Bank of Nigeria followed with a gain of 9.26 per cent to close at N5.90 per share.

Linkage Assurance rose by 8.70 per cent to close at 75k, while Mutual Benefits Assurance and Africa Prudential gained 8.11 per cent each to close at 40k and N6 per share, respectively.

On the other hand, Unity Bank led the losers’ chart in percentage terms, losing 8.33 per cent to close at 55k per share.

Japaul Gold and Ventures followed with 6.67 per cent to close at 56k, while Neimeth International Pharmaceuticals lost 6.04 per cent to close at N1.71 per share.

Flour Mills of Nigeria dipped 4.84 per cent to close at N29.50, while Chams Plc and Nigerian Aviation Handling Company shed 4.55 per cent each to close at 21k and N2.10 per share, respectively.

Also, the total volume of shares traded increased by 35.68 per cent with an exchange of 324.19 million valued at N3.28 billion in 4,867 deals.

This was in contrast with 238.94 million shares worth N2.95 billion transacted in 3,947 deals on Friday.

Transactions in the shares of eTranzact International topped the activity chart with 72.18 million shares valued at N162.39 million.

Zenith Bank followed with 44.001 million shares worth N1.02 billion, while Access Bank traded 22.98 million shares valued at N189.17 million.

United Bank for Africa traded 16.59 million shares worth N119.35 million, while AXA Mansard Insurance transacted 16.43 million shares valued at N14.20 million.

Chinyere Joel-nwokeoma

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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