Following gains recorded by many blue-chip stocks, especially Airtel Africa and Total Plc, trading on the floor of the Nigerian Exchange Limited (NGX) sustained a rising profile yesterday, as market capitalisation increased further by N268 billion.
At the close of transactions yesterday, the market capitalisation of listed equities increased by 0.95 per percentN28.367 trillion from N28.099 trillion reported the previous day. The All Share Index also appreciated by 491.13 basis points to 52097.62 points from 51606.49 points reported on Tuesday.
The market gain was driven by price appreciation in large and medium capitalized stocks amongst which are Airtel Africa, Total, NGX Group, TransNational Corporation, MTN Nigeria and Lafarge WAPCO, and National Salt Company of Nigeria (NASCON)
Analysts at Vetiva Dealings and Brokerage said: “We still expect another positive market breadth, amid mixed sectoral performance, as Q1 earnings expectations continue to dictate the market direction in the short-term.”
On the price movement chart, 40 stocks appreciated while seven constituted the losers chart. Academy Press and Live Stock Feeds led the gainer’s chart, shedding 10 per cent each to close at N1.43 kobo and N1.10 kobo respectively.
Total followed with a gain of 9.96 per cent to close at N217.50 kobo, Cadbury Nigeria Plc gained 9.8 per cent to N11.20 kobo, HoneyWell Flour Mills Nigeria Plc went up by 9.8 per cent to close at N2.80 kobo. Cadbury added 9.8 per cent to close at N11.20 kobo.
Transcorp gained 9.67 per cent to close at N2.95 kobo. Northern Nigeria Flour mills added 9.62 per cent to close at N13.10 kobo. AIICO appreciated by 9.43 kobo to close at 58 kobos.JapaulGold increased by 9.09 per cent to close at 36 kobo.
Ikeja Hotel also improved by 8.55 per cent to close at N1.65 kobo.
On the contrary, Fidelity Bank topped the losers chart, declining by 6.57 per cent to close at N5.26 kobo. Fidson Healthcare trailed with a loss of 5.56 per cent to close at N8.50 kobo.
Linkage Assurance was down by 4.35 per cent to close at 44 kobo, Mansard Insurance dipped by 3.28 per cent to close at N2.36 kobo while Jaiz Bank fell by 3.26 per cent to close at 89 kobo.
The volume of trades increased by 4.386 billion representing 209.86 per cent as investors traded 6.476 billion shares valued at N19.471 billion in 5109 deals against 2.09 billion shares worth N8.849 billion in 6404 deals.
Transactions in the shares of Transnational Corporation of Nigeria were the most active stock during the day, exchanging 6.125 billion shares valued at N15.568 billion.
Access Corp traded 60.51 million shares valued at N 632.250 million, United Bank for Africa exchanged 27.604 million shares worth N217.953 million while Fidelity Bank traded 22.327 million shares valued at N123.641 million.
