Price Appreciation in GTCO, Zenith Bank, Others Drive NGX ASI Above 41,000bpts

Darasimi Adebisi

The stock market of the Nigerian Exchange Limited (NGX) yesterday closed trading activities on a positive note driven by price appreciation in large and medium capitalised stocks.

With the growth in large and medium capitalised stocks, the NGX All-Share Index (ASI) crossed the 41,000 basis points yesterday to close at 41,051.19 basis points from 40,896.96 it opened for trading.

Similarly, the overall market capitalisation value gained N80 billion to close at N21.391 trillion from N21.311 trillion it opened for trading.

The market breadth closed positive as Guaranty Trust Bank Plc (GTCO), Zenith Bank Plc, United Bank for Africa Plc, Access Bank Plc, FBN Holdings, Fidelity Bank Plc, FCMB, Oando Plc, NASCO Plc, 20 among others gained in stock prices, and of them dropped in stock prices.

Transcorp Hotel recorded the highest price gain of 9.94 per cent to close at N5.97, per share. Champion Brewerie followed with a gain of 9.88 per cent to close at N2.78 and Consolidated Hallmark Insurance went up 9.09 per cent to close at 60 kobo, per share.

Okomu Oil up by 8.23 per cent to close at N125.00, while University Press and Japaul Gold and Ventures appreciated by 6.67 per cent each to close at N1.60 and 48 kobo respectively, per share. On the other hand, FTN Cocoa Processors led the losers’ chart by eight per cent to close at 46 kobo, while Associated Bus Company followed with a decline of 5.88 per cent to close at 32 kobo, per share.

Regency Alliance Insurance declined five per cent to close at 38 kobo, while Universal Insurance and Ikeja Hotels shed 4.55 per cent each to close at 21 kobo and N1.05 respectively, per share.

However, the total volume of trades fell by 20.87 per cent to 446.172 million units, valued at N4.466 billion, and exchanged in 4,704 deals.

Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 148.354 million shares valued at N1.672 billion. Universal Insurance followed with 46.170 million shares worth N9.706 million, while Ecobank Transnational Incorporated (ETI) traded 42.551 million shares valued at N316.092 million.

GTCO traded 32.605 million shares valued at N923.010 million, while Fidelity Bank transacted 19.732 million shares worth N53.188 million.

Analysts at Afrinvest Limited said “We expect the positive momentum to be sustained in the next trading session as investors continue to rebalance their portfolio ahead of third quarter (Q3) earnings season.”