NGX maintains bullish trend, indices rise by 0.92%

Transactions on the Nigerian Exchange Ltd. (NGX) on Monday remained bullish with crucial market indicators growing by 0.92 per cent.

It was reported that the market capitalisation gained N256 billion to close at N28.155 trillion, compared with N27.899 trillion on Friday.

Similarly, the All-Share Index, which opened at 51,222.34 gained 470.74 points or 0.92 per cent to close at 51,693.08.

Sustained interest in Airtel Africa and FBN Hilding were the major drivers of the positive performance.

Consequently, the year-to-date (YTD) return rose to 0.88 per cent.

Market breadth closed negative with declining 14 stocks outnumbering 11 advancing ones.

A breakdown of the price movement table showed that Thomasway Nigeria topped the gainers’ table with an increase of 9.28 per cent to close at N1.06, per share.

ABC Tansport trailed with a gain of eight per cent to close at 27k, while Royal Exchange Assurance rose by 5.88 per cent to close at N1.08 per share.

Airtel Africa was up by 5.16 per cent to close at N1,630, while Chip Plc gained by five per cent to close at 0.03 per share.

Conversely, Union Bank led the losers’ table, growing by 6.83 per cent to close at N6.35 per share.

Wema Bank followed with a gain of 8.21 per cent to close at N3.58, while AIICO went down by 6.25 per cent to close at 60k per share.

Caverton Offshore Technology decreased by 4.95 per cent to close at 96k, while Stanvic Bank declined by 4.33 per cent to close at N32 per share.

Sterling Bank recorded the highest volume of 85.18 million traded shares worth N119.26 million, followed by United Bank for Africa (UBA) which sold 21.09 million shares at N173.3 million.

Also, FBN Holdings sold 20.09 million shares which exchanged for N222.86 million and Zenith Bank traded 8.3 million shares at N202.58 million.

In all, investors bought and sold 229.22 million shares valued at N2.91 billion achieved in 3,900 deals.