Gains in Access bank, Guinness, 25 Others Lift Stock Market By N54bn

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday ended the three-day investors’ profit-taking buoyed by bargain hunting in Access Bank Plc, Guinness Nigeria, and 25 others as the overall market capitalisation gained N54 billion.

The overall market capitalisation size gained N54 billion to close at N25.411 trillion from N25.36 trillion it opened for trading, while the NGX All-Share Index (ASI) increased by 99.99 basis points or 0.21 per cent to close at 47,157.23 points from 47,057.24 basis points it opened for trading.

Sector performances were broadly positive yesterday with the NGX Banking Index gaining 1.68 per cent; NGC Consumer Goods added 0.65 per cent; NGX Oil and Gas Index rose by 0.09 per cent and NGX Industrial Index gained 0.03 per cent.

As measured by market breadth, market sentiment was positive as 27 stocks gained relative to 14 losers. R.T.Briscoe Nigeria recorded the highest price gain of 10 per cent to close at 33 kobo, per share. SCOA Nigeria followed with a gain 9.49 per cent to close at N1.50, while SUNU Assurance rose by 8.33 per cent to close at 39 kobo, per share.

NEM Insurance went up by 7.25 per cent to close at N3.55, while UBN appreciated by 6.84 per cent to close at N6.25, per share. On the other hand, Juli Plc led the losers’ chart by 9.89 per cent to close at 82 kobo, while Multiverse Mining & Exploration followed with a decline of 4.76 per cent to close at 20 kobo, per share.

Sovereign Trust Insurance shed 4.17 per cent to close at 23 kobo, while UPDC Real Estate Investment Trust and AIICO Insurance lost 2.74 per cent each to close at N3.55 and 71 kobo respectively, per share.

Also, the total volume traded rose by 24.8 per cent to 297.245 million units, valued at N4.694 billion, and exchanged in 4,661 deals. Transactions in the shares of Access Bank topped the activity chart with 48.079 million shares valued at N498.703 million. Sovreign Trust Insurance followed with 37.478 million shares worth N8.621 million, while Nigerian Exchange Group (NGXGroup) traded 22.695 million shares valued at N567.093 million.

Fidelity Bank traded 21.021 million shares valued at N60.503 million, while Transnational Corporation of Nigeria (Transcorp) transacted 18.366 million shares worth N21.412 million.

Analysts at investment One research said: “The equities market closed northwards today due to the gains recorded across major sectors.

“Going forward, we expect investors’ sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”