NGX extends gain by N123bn

Opening the week, investors’ interest in Tier-one banking stocks further extended gains of the Nigerian stock market capitalisation by N123 billion or 0.22 per cent.

Gains in Zenith Bank, United Bank For Africa (UBA), Guaranty Trust Holding Company (GTCO), Fidelity Bank, Access Corporation, among other advanced equities lifted the market up.

The Nigerian Exchange Ltd. (NGX) market capitalisation closed at N55.601 trillion, having opened at N55.478 trillion.

The All-Share Index also settled at 96,793.95 points, having added 0.22 per cent or 214.41 points, against 96,579.54 points recorded on Friday.

As a result, the Year-To-Date (YTD) return rose by 29.45 per cent.

However, market breadth closed slightly negative with 29 losers and 28 gainers on the floor of the Exchange.

On the losers’ table, Livestock Feed Plc led by 10 per cent to close at N2.25, RT Briscoe trailed by 9.86 per cent to close at N3.20 per share.

Cornerstone Insurance lost 9.63 per cent to close at N2.44, Daar Communications shed 9.59 per cent to close at 66k, while Wapic Insurance dropped 9.41 per cent to close at 77k per share.

On the other hand, Oando led the gainers’ table by 9.95 per cent to close at N84.55, Industrial Medical Gas followed by 9.85 per cent to close at N29 per share.

E-transact also gained 9.80 per cent to close at N5.60, Conoil advanced by 9.72 per cent to close at N158 and UPL rose by 9.13 per cent to close at N2.51 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 65.05 per cent.

A total of 498.12 million shares valued at N11.04 billion were exchanged in 13,149 deals, compared to 573.96 million shares worth N31.58 billion in 12,754 deals posted in the previous session.

UBA led the activity chart in volume with 54.85 million shares, while Oando led the chart in value with deals worth N3.20 billion.