The Nigerian Exchange Limited (NGX) sustained a rising profile yesterday, as gains in the shares of many highly capitalised, especially Airtel Africa and Nestle lifted market capitalisation by N532 billion.
Specifically, at the close of transactions yesterday, the All Share Index (ASI) rose by 986.63 points, representing a growth of 2.03 per cent to close at 49,661.87 points. Accordingly, investors gained N532 billion in value as market capitalisation went up to N26.786 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Nestle Nigeria, BUA Foods, Nigerian Exchange Group (NGXGroup) and Learn Africa.
On market outlook, analysts at GTI Securities Limited said: “The bullish outcome of the stock market was driven by investors’ bargain hunting in some bell-wether stocks. There are mixed expectations as investors continue to make investment decisions, as more companies release their Q2 results.”
Market breadth closed positive as 18 stocks recorded gains relative to 11 losers. Computer Warehouse Group (CWG) recorded the highest price gain of 10 per cent, to close at 99 kobo, while Learn Africa followed with a gain 9.78 per cent to close at N2.47 kobo.
Multiverse Mining and Exploration and Caverton Offshore Support Group went up by 9.52 per cent each to close at N2.30 kobo and N1.15 kobo respectively, while Chams appreciated by eight per cent to close at 27 kobo.
Airtel Africa gained 7.06 per cent to close at N2,040, while Lasaco Assurance garnered 6.32 per cent to close at N1.01 kobo. Oando appreciated by 4.17 per cent to close at N5. BUA Foods added 3.33 per cent to close at N55.80 kobo. NEM assurance also increased by 3.31 per cent to close at N5.
On the other hand, Mutual Benefits Assurance led the losers’ chart by 9.68 per cent to close at 28 kobo. Honeywell Flour Mills followed with a decline of 8.42 per cent to close at N2.72 kobo, while Flour Mills of Nigeria shed 7.06 per cent to close at N27.
Unity Bank shed 4.76 per cent to close at 40 kobo while FCMB Group depreciated by 3.51 per cent to close at N3.02 kobo. First City Monument Bank lost 3.51 per cent to close at N3.02 kobo.
FTN Cocoa lost 3.33 per cent to close at 29 kobo. Wapic Insurance declined by 2.50 per cent to close at 39 kobo. Jaiz Bank dropped 2.30 per cent to close at 85 kobo. Champion Breweries shed 1.28 per cent to close at N3.85 kobo. GTCO also dropped 75 per cent to close at N19.95 kobo
Total volume traded increased by 32.15 per cent to 226.473 million shares, worth N2.764 billion and traded in 3,515 deals. Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 74.544 million shares valued at N22.838 million.
FBN Holdings followed with 23.429 million shares worth N251.880 million, while Access Holdings traded 15.845 million shares valued at N130.192 million.
United Bank for Africa (UBA) traded 15.253 million shares valued at N107.071 million, while NEM Insurance transacted 13.485 million shares worth N62.124 million.
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