Transactions on the Nigerian Exchange Limited (NGX) closed upbeat yesterday, as capitalisation rose by N379 billion, amid investors’ renewed interest in Nigerian Aviation Handling Company (NAHCO) Plc and 60 other stocks.
At the close of transactions yesterday, the all-share index rose by 598.67 per cent, representing a gain of 0.50 per cent, to close at 120,339.9 points.
Similarly, the overall market capitalisation value gained N379 billion to close at N76.18 trillion.
On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “The market recovered in today’s session, following a bout of profit-taking that trailed the strong rallies seen in recent weeks. With sentiment still leaning positive, we expect investors to remain bullish, as they continue to hunt for value across key sectors.”
Afrinvest said: “Investor sentiment, as measured by market breadth, improved to 0.8 8x (previously: 0.4 1x) as 61 stocks gained, 15 lost while 52 were unchanged. Tomorrow, we anticipate bargain opportunities to spur gains on the bourse.”
The market’s positive performance was driven by price appreciation in large and medium-capitalised stocks which are NAHCO, CAP, Lafarge Africa, Honeywell Flour Mills and Nigerian Breweries.
Investor sentiment remained largely positive, reflected in a strong market breadth; 61 stocks closed in the green compared to 15 decliners.
C&I Leasing, Cutix, Ellah Lakes, International Energy Insurance, Omatek Ventures, Secure Electronic Technology, Smart Products Nigeria and Thomas Wyatt Nigeria recorded the highest price gain of 10 per cent each to close at N5.06 kobo, N3.96 kobo, N9.24 kobo, N1.98 kobo, 88 kobo, 66 kobo, 66 kobo and N1.87 respectively.
Caverton Offshore Support Group followed with a gain of 9.98 per cent to close at N6.94, while FTN Cocoa Processors and Meyer rose by 9.95 per cent each to close at N4.42 kobo and N12.15 kobo.
On the other hand, Deap Capital Management & Trust led the losers’ chart by 9.09 per cent to close at N1. John Holt followed with a decline of 5.41 per cent to close at N7, while Dangote Sugar Refinery declined by 5.32 per cent to close at N44.50 kobo.
Universal Insurance shed 4.76 per cent to close at 60 kobo, while Oando lost 4.73 per cent to close at N52.35 kobo.
The total volume of trade rose by 99.1 per cent to 1.047 billion units, valued at N12.174 billion, and exchanged in 21,964 deals. Transactions in the shares of Royal Exchange topped the activity chart with 218.699 million shares valued at N229.107 million.
Japaul Gold & Ventures followed with 174.088 million shares worth N473.443 million, while Ellah Lakes traded 83.468 million shares valued at N762.225 million.
Wema Bank traded 71.135 million shares valued at N1.068 billion, while Chams Holding Company transacted 37.58 million shares worth N87.14 million.
