Following gains recorded by many blue-chip stocks, especially BUA Foods and SFS Real Estate, transactions on the Nigerian Exchange Limited (NGX) reopened upbeat, yesterday, as market capitalisation appreciated by N324 billion.
The all-share index (ASI) rose by 592.47 points, representing a gain of 0.9 per cent to close at 66,151.38 points.
Also, market capitalisation appreciated by N324 billion to close at N36.205 trillion.
The uptrend was impacted by gains recorded in medium and large capitalised stocks, amongst which are BUA Foods, SFS Real Estate Investment Trust Fund, Dangote Sugar Refinery, NASCON Allied Industries, and Nigerian Aviation Handling Company (NAHCO).
Analysts at United Capital Plc said: “We project mixed sentiments toward listed equities, with some investors’ continuing their cherry-picking activities around fundamentally sound stocks with strong potentials in terms of recently disclosed corporate actions.
“Other investors will continue to tilt more toward the money market to take advantage of the elevation of yields (particularly risk-averse investors), which we term to be temporary pending the expected inflow.”
Market breadth closed positive as 34 stocks gained relative to 24 decliners. Dangote Sugar Refinery, Omatek Ventures, Thomas Wyatt Nigeria and Transnational Corporation (Transcorp) recorded the highest price gain of 10 per cent each to close at N52.25, 33 kobos, N1.87, and N7.38 respectively.
SFS Real Estate Investment Trust Fund followed with a gain of 9.96 per cent to close at N92.15 kobo. National Salt Company of Nigeria (NASCON) gained 9.94 per cent to close at N49.2. GlaxoSmithKline appreciated by 9.91 per cent to close at N11.65 kobo. Nigerian Aviation Handling Company (NAHCO) garnered 9.84 per cent to close at N20.10 kobo.
Neimeth improved by 9.64 per cent to close at N1.82 kobo. CHI Plc also added 9.64 per cent to close at 91 kobo.
On the other hand, Computer Warehouse Group led the losers’ chart by 10 per cent to close at N4.50, per share. John Holt followed with a decline of 9.80 per cent to close at N1.38, while NEM Insurance lost 9.54 per cent to close at N5.12 kobo.
Secure Electronic Technology depreciated by 9.09 per cent to close at 30 kobo, while Cutix declined by 8.33 per cent to close at N2.20 kobo.
Champion Breweries shed 7.05 kobo to close at N2.90 kobo. Ecobank TransNational Incorporated depreciated by 4.95 per cent to close at N14.40 kobo. Caverton lost 4.35 per cent to close at N1.32 kobo. Accesscorp shed 3.32 per cent to close at N16. Chams fell by 3.13 per cent to close at 93 kobo.
The total volume traded declined by 12.61 percent to 311.117 million units, valued at N3.915 billion, and exchanged in 7,193 deals. Transactions in the shares of Access Holdings topped the activity chart with 43.702 million shares valued at N703.328 million.
Transcorp followed with 28.498 million shares worth N181.731 million, while Dangote Sugar Refinery traded 16.03 million shares valued at N820.840 million.
Consolidated Hallmark Insurance traded 15.565 million shares valued at N13.471 million, while Omatek Ventures sold 15.514 million shares worth N4.659 million.
Meanwhile, the naira appreciated by 0.8 per cent at the investors and exporters (I&E) window yesterday.
Data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, showed that the local currency closed at N772.12 to a dollar. The naira appreciated by 0.2 per cent to NGN771.69/USD at the I&E window last week Friday.
