Buying Interest in GTCO, Zenith Bank, Others Lift Stock Market by N26.87bn

Kayode Tokede

The Nigerian Exchange Limited (NGX) stock market yesterday gained N26.87billion driven by investors’ buying interest in Guaranty Trust Holding Company (GTCO), Zenith Bank Plc, and 33 other low and medium-capitalisation strong fundamental stocks.  

As GTCO gained 1.96per cent to close at N38.95 per share, Zenith Bank appreciated by 0.30 per cent to close at N33.50 per share, the NGX All-Share Index (ASI) gained 48.87 basis points or 0.07 per cent to close at 71,052.85 basis points from 71,003.98 basis points.

Accordingly, the NGX ASI Month-to-Date and Year-to-Date returns printed +2.6per cent and +38.6per cent, respectively.

Also, market capitalisation rose by N27 billion to close at N39.075 trillion from N N39.048trillion it closed trading the previous day.

From a sectoral perspective, the NGX Insurance Index appreciated by 1.3per cent, while the NGX Consumer Goods dropped by 0.1 per cent. The NGX Industrial Goods, NGX Banking, and NGX Oil & Gas closed flat.

Investor sentiment, as measured by market breadth was positive, as 35 stocks gained relative to 19 losers. Beta Glass emerged the highest price gainer of 10 per cent to close at N59.40, while Multiverse Mining and Exploration followed with a gain of 9.98 per cent to close at N5.29, per share.

Nigerian Enamelware and MeCure Industries advanced by 9.97 per cent each to close at N19.30 and N8.38 respectively, while Infinity Trust Mortgage Bank and Deap Capital Management & Trust rose by 9.87 per cent each to close at N1.34 and 67 kobo respectively, per share.

On the other side, Ellah Lakes led others on the losers’ chart with 9.89 per cent to close at N3.37, per share. Omatek Ventures followed with a decline of 9.17 per cent to close at 99 kobo, while McNichols shed 5.56 per cent to close at 85 kobo, per share.

Academy Press went down by 5.56 per cent to close at N1.70, while NPF Microfinance Bank depreciated by 4.11 per cent to close at N2.10, per share.

The total volume traded increased by 31.6 per cent to 563.71 million units, valued at N3.44 billion, and exchanged in 6,579 deals. Transactions in the shares of Universal Insurance led the activity with 164.3 million shares worth N41.980 million. Veritas Kapital Assurance followed with account of 77.129 million shares valued at N30.521 million, while Unity Bank traded 24.045 million shares valued at N40.345 million.

Chams Holding Company traded 20.778 million shares worth N46.182 million, while Zenith Bank traded 20.714 million shares worth N694.173 million.

According to analysts at InvestmentOne Research, the local stock market ended on a positive note due to the buy-ins witnessed in the Banking and Industrial sectors.

“Looking ahead, we expect investor’s 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,” they explained.