The Nigerian Exchange Ltd. (NGX) resumed the week on a positive note with N36 billion gain due to bargain-hunting in shares of MTN Nigerian Communications (MTNN) and seven other companies.
The market capitalisation increased by N36 billion or 0.15 per cent to close at N24.217 trillion from N24.181 billion at the previous session.
Also, the All Share Index (ASI) rose by 64.90 points or 0.15 per cent to close at 44,461.63 from 44,396.73 recorded on Friday.
The upturn was as a result of gains recorded in medium and large capitalised stocks, amongst which are: MTNN, Beta Glass Nigeria, Lafarge Africa, Ardova and Red Star Express Plc.
Analysts at United Capital Plc said, “We expect bearish sentiment to continue to dominate the market as investors stay off equities and take advantage of the rising interest rates in the fixed income market.
“However, we may see some bargain hunting in stocks that have underlying fundamentals as investors look to take position ahead of the Q3, 2022 earning season.”
Market sentiment, as measured by market breadth was, however, negative as 18 stocks lost relative to eight gainers.
Red Star Express recorded the highest price gain of 8.22 per cent to close at N2.37, per share.
Beta Glass followed with a gain 5.90 per cent to close at N43.95, while Wapic Insurance rose by 5.88 per cent to close at 36 kobo, per share.
Lafarge Africa went up by 2.73 per cent to close at N22.55, while Ardova appreciated by 2.19 per cent to close at N14.00, per share.
On the other hand, Unilever Nigeria led the losers’ chart by 10 per cent to close at N10.80, per share.
NEM Insurance followed with a decline of 9.50 per cent to close at N4.00, while Lasaco Assurance depreciated by 4.60 per cent to close at 83k, per share.
Regency Alliance Insurance declined by 4.17 per cent to close at 23k, while Sovereign Trust Insurance depreciated by 3.85 per cent to close at 25 k, per share.
The total volume of trades declined by 23.9 per cent to 72.328 million units, valued at N2.169 billion, and exchanged in 2,887deals.
Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 11.352 million shares valued at N11.929 million.
Nigerian Exchange Group (NGX Group) followed with 5.611 million shares worth N120.060 million, while Guaranty Trust Holding Company (GTCO) traded 5.277 million shares valued at N97.319 million.
Sovereign Trust Insurance traded 4.120 million shares valued at N1.051 million, while Fidelity Bank transacted 3.923 million shares worth N14.433 million.