Stock Market Regains Positive Trend After Five-day Losses

Kayode TokedeAfter a five-day uninterrupted sessions of losses,  stock market of the Nigerian Exchange Limited (NGX) yesterday recovered as  overall capitalization  gained  N41 billion on investors buy-interest in NASCON Allied Industries and 30 others.

The NGX All-Share Index (ASI) gained 75.16 basis points or 0.12 per cent to close at 64,267.36 basis points. 

Consequently, market capitalisation rose by N41 billion to close at N34.973 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Foods, Dangote Sugar Refinery, Skyway Aviation Handling Company, Lafarge Africa and Nigerian Breweries.

As measured by market breadth, market sentiment was positive, as 31 stocks gained relative to 26 losers. Abbey Mortgage Bank, Chams Holding Company and NASCON Allied Insurance emerged the highest price gainer of 10 per cent each to close at N1.21, 99 kobo and N35.75 respectively, per share. Skyway Aviation Handling Company followed with a gain of 9.96 per cent to close at N28.15, while Dangote Sugar Refinery advanced by 9.93 per cent to close at N32.65, per share.

On the other side, Thomas Wyatt Nigeria and The Initiates Plc (TIP) led others on the losers’ chart with 10 per cent each to close at N1.30 and 72 kobo respectively, while University Press followed with a decline of 9.78 per cent to close at N2.49, per share.

University Press lost 9.76 per cent to close at 37 kobo, while John Holt depreciated by 9.44 per cent to close at N1.63, per share.

The total volume of trades decreased by 56.60 per cent to 330.784 million units, valued at N4.270 billion, and exchanged in 6,251 deals. Transactions in the shares of Transnational Corporation (Transcorp) led the activity with 58.829 million shares worth N209.187 million. FBN Holdings (FBNH) followed with a volume of 27.951 million shares valued at N502.760 million, while Ecobank Transnational Incorporated (ETI) traded 21.303 million shares valued at N330.246 million.

Access Holdings traded 20.697 million shares worth N341.784 million, while Chams Holding Company traded 16.964 million shares worth N16.135 million.