By Funke Adetunji
Following price appreciation in many banking stocks, especially FBN Holdings (FBNH) and Guaranty Trust Holding Company (GTCO), the Nigerian Exchange Limited (NGX) market capitalisation crossed N65 trillion mark, yesterday, with investors gaining N322 billion.
The all-share index (ASI) gained by 536.54 points, representing a growth of 0.51 per cent to close at 105,324.89 points.
Also, market capitalisation gained N332 billion to close at N65.222 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were FBN Holdings (FBNH), Eterna, NASCON Allied Industries, Guaranty Trust Holding Company (GTCO) and Africa Prudential.
On what will shape the market in the next trading session, analysts at Afrinvest Limited said: “In the subsequent trading session, we expect the bullish run to persist from sustained positive sentiment amid the earnings season.”
Vetiva Dealing and Brokerage said: “With strong momentum in banking and select large-cap stocks, we anticipate another positive session.
Also, investor sentiment, as measured by market breadth, was positive as 37 stocks advanced, while 21 declined. Guinea Insurance recorded the highest price gain of 10 per cent to close at 88 kobo. Eterna followed with a gain of 9.96 per cent to close at N30.35 kobo, while Cadbury Nigeria rose by 9.95 per cent to close at N24.30.
International Energy Insurance gained 9.91 per cent to close at N2.33, FBNH rose by 9.56 per cent to close at N32.10 kobo.
On the other hand, May & Baker Nigeria led the losers’ chart by 9.88 per cent to close at N7.75 kobo. Academy Press followed with a decline of 9.33 per cent to close at N2.72 kobo, while Thomas Wyatt Nigeria declined by 9.31 per cent to close at N1.85 kobo.
Deap Capital Management and Trust depreciated by 6.80 per cent to close at 96 kobo, while The Initiates Plc (TIP) declined by 6.72 per cent to close at N3.47 kobo.
Also, the total volume traded rose by 124.1 per cent to 1.057 billion units, valued at N28.812 billion, and exchanged in 15,080 deals.
Transactions in the shares of Access Holdings topped the activity chart with 467.97 million shares valued at N12.434 billion.
FBNH followed with 92.9 million shares worth N2.81 billion, while UAC of Nigeria (UACN) traded 46.23 million shares valued at N1.67 billion.
AIICO Insurance traded 32.91 million shares valued at N55.79 million, while Zenith Bank sold 29.87 million shares worth N1.485 billion.
