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Trading reverses on NGX, capitalisation up by N19bn

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NSE maintain bearish trend despite listing of Ellah Lakes additional shares

The nation’s bourse on Tuesday closed in green, reversing negative mood following buying interest in BUA Cement.

Specifically, the market capitalisation inched higher by N19 billion or 0.09 per cent to close at N21.925 trillion from N21.906 trillion recorded on Monday.

Also, the All-Share Index rose by 36.60 points or 0.09 per cent to 42,013.39 compared with 41,976.79 achieved on Monday.

Thus, month-to-date loss stood at 0.1per cent, while the year-to-date gain increased to 4.3 per cent.

The positive outturn was due to investors’ buying interest in recently depreciated stock prices in industrial, consumer goods and oil & gas sectors.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; BUA Cement, International Breweries, Oando, Dangote Sugar Refinery and Lasaco Assurance.

In spite of the growth in market indices, market breadth closed negative with 31 losers as against 10 gainers.

International Breweries drove the gainers’ chart in percentage terms by 9.62 per cent to close at N5.70 per share.

Lasaco Assurance followed with 8.33 per cent to close at N1.17, while Linkage Assurance went up by 7.55 per cent to close at 57k per share.

Chams rose by 4.35 per cent to close at 24k, while Oando gained 4.09 per cent to close at N4.84 per share.

On the other hand, UACN led the losers’ chart in percentage terms by 9.73 per cent to close at N10.20 per share.

FTN Cocoa processors followed with 8.70 per cent to close at 42k, while FBN Holdings declined by 6.98 to close at N10 per share.

Unity Bank lost 6.90 per cent to close at 54k, while Consolidated Hallmark Insurance shed 6.67 per cent to close at 56k per share.

Transactions in the shares of United Bank for Africa topped the activity chart with 52.580 million shares valued at N446.924 million.

FBNH followed with 30.49 million shares worth N313.81 million, while Zenith Bank traded 29.89 million shares valued at N747.64 million.

Chams traded 15.46 million shares valued at N3.52 million, while Transcorp transacted 14.08 million shares worth N14.44 million.

In all, the total volume of trades dipped 15.65 per cent to 318.98 million units valued at N3.28 billion exchanged in 5,492 deals.

This was against a turnover of 378.15 million shares worth 3.24 billion achieved in 6,384 deals on Monday.

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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