Transactions on the Nigerian Exchange Limited (NGX) continued in an upbeat yesterday, as the All-Share Index rose by 0.08 per cent, following gains in Nestle and 29 stocks.
Market capitalisation of listed equities appreciated by 0.08 per cent or N67 billion to N83.856 trillion from N83.789 trillion reported the previous day.
The All Share Index also increased by 105.70 basis points to 132557.43 points from 132451.73 points reported on Tuesday.
Yesterday’s positive performance was driven by price appreciation in large and medium capitalised stocks amongst which are Nestle, NAHCO, Aradel, Dangote Sugar Refinery, Aradel, Enamelware, Access Corp and Dangote Cement.
On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage firm, said: “Despite another green close for the ASI, today’s breadth shows growing fragility. The rally is becoming increasingly reliant on a handful of large caps, while mid- and small-cap names face pressure. Without sector rotation or support from lagging names, the market risks a short-term stall. A hold above 132,000pts remains key to keeping sentiment afloat heading into Friday.”
Analysts at Afrinvest, said: “Investor sentiment, as measured by market breadth, worsened to -0.13x (previously: 0.03x) as 29 stocks advanced, 37 declined while 62 closed flat.
“Barring any major catalyst, we expect a bearish outing on the bourse tomorrow, driven by downbeat investor sentiment.”
Academy press led gainers chartnon percentage tetms with 10 per cent to close at N7.70 kobo. TIP followed with a gain of 9.98 per cent to close at N13.34 kobo, Ikeja Hotel gained 9.95 per cent to close at N21. Enamel Ware added 9.84 per cent to close at N24.55 kobo, NAHCO up by 9.65 per cent to close at N117.
On the contrary, Austinlaz topped losers chart during the day, dropping by 10 per cent to close at N2.34 kobo. Triple G trailed with a loss of 9.95 per cent to close at N3.89 kobo. Omatek was down by 9.72 per cent to close at N1.30 kobo. Daar Communications fell by 9.64 per cent to close at 75 kobo.
Guinea Insurance dipped by 9.09 per cent to close at 90 kobo.Volume of shares traded declined by 90.413 million, representing 11.72 per cent as investors exchanged 681.240 million shares valued at N17.017 billion in 26931 deals against 681.240 million shares cost N17.017 billion in 32734 deals.
Trading the shares of Access Holding led market activities with 98.624 million shares valued at N2.742 billion. EllahLakes followed with account of 61.119 million shares cost N581.605 million, Japaul Gold traded 49.164 million cost N136.752 million, Royal Express traded 43.758 million shares valued at N53.612 million, Universal Insurance traded 32.068 million shares worth N23.398 million.
