NGX Inches Higher as Jaiz Bank Lists Additional Shares
The Nigerian Exchange inches higher by N14.45 billion on Monday as Islamic lender, Jaiz bank, lists additional shares at the local bourse. Subsequently, the stock market records a marginal growth of 0.05%, resuming the new quarter on a positive note as the year to date losses moderated.
Market data shows that there was price appreciation in small and medium capitalized stocks, the combined effect of which lifted equity market valuation.
The All-Share Index rose by 21.88 basis points, representing a 0.05 per cent increase to close at 40,243.05.
Market capitalization gained ₦14.45 billion, an uptick of 0.07 per cent to close at ₦20.97 trillion following the additional listing of 5.08 billion ordinary shares of 50k each of Jaiz Bank Plc at ₦0.65 per share.
However, the market activities traded negatively, as the total volume and value dipped by 80.67 per cent, and 74.88 per cent, respectively. A total of 202.36 million units of shares valued at ₦1.86 billion were traded in 4,066 deals.
FIDELITYBK outdid the traded stocks in terms of volume, accounting for 9.37 per cent of the total volume of trades, followed by GTCO (9.03%), FBNH (8.97%), UNIVINSURE (7.65%), and CHAMPION (7.01%) to complete the top five on the volume chart.
GTCO appeared to be the most traded stock in value terms, with 27.48 per cent of the total value of trades on the exchange.
MANSARD topped the gainers’ chart with price appreciation of 9.87 percent, followed by ETERNA (8.57%), UCAP (3.91%), FCMB (2.08%), FBNH (1.86%), UBA (0.66%), DANGSUGAR (0.57%), ZENITHBANK (0.21%), GTCO (0.18%) and 14 others.
Conversely, MORISON led the decliners’ chart as its share price dipped by 10.00 per cent to close at ₦1.89, as NNFM (-9.94%), WEMABANK (-3.75%), CHAMPION (-1.91%), FIDELITYBK (-0.81%), STERLNBANK (-0.68%), and WAPCO (-0.44%) amongst others also declined in price.
Overall, data shows that the market breadth closed positively, recording 23 gainers and 14 losers. In its market report, Afrinvest said performance across the sectors under its coverage was mixed as 3 indices gained, 2 lost, while the AFR-ICT index closed flat.
The Insurance index led gainers, up 1.5% due to buying interest in MANSARD (+9.9%) and WAPIC (+4.2%). Similarly, the Consumer Goods and Banking indices rose 5bps and 1bp respectively due to price appreciation in DANGSUGAR (+0.6%), HONYFLOUR (+1.6%), FBNH (+1.9%), and ZENITH (+0.2%).
On the flip side, the Oil & Gas and Industrial Goods indices recorded losses, down 38bps and 2bps respectively on the back of sell pressure on OANDO (-3.1%) and WAPCO (-0.4%).
Today, Airtel Africa announced that its subsidiary Airtel Networks Limited (Airtel Nigeria), has initiated a process through which it seeks to buy back the 8.27% minority shareholdings at an offer price of ₦55.8 per share.
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NGX Inches Higher as Jaiz Bank Lists Additional Shares
