NGX Records N88bn Gain as Zenith, GTCO Rally
The Nigerian Exchange (NGX) rose by N88 billion midweek as higher demand for shares of Tier-1 banks pushed the banking index higher; in addition to gains in Nigerian Breweries among others.
Key performance indicators improve while year-to-date gain advanced amidst a sustained rally on growth, value stock in the local bourse.
Data from the Nigerian Exchange shows that the All-Share Index (ASI) gained 161.53 basis points or 0.31 per cent to settle at 52,580.86 compared to 52, 419.33 on Tuesday.
Sustained interests in Zenith Bank, Guaranty Trust Holding Company (GTCO), and FirstBank of Nigeria Holdings (FBNH) were the drivers of the market positive territory.
Consequently, the year-to-date (YTD) return rose to 2.59 per cent. MRS recorded the highest price gain of 9.93 per cent to close at N37.10, per share.
Nigerian Breweries followed with a gain of 9.63 per cent to close at N38.70, while Cornerstone Insurance rose by 9.47 per cent to close at 81k, per share.
FTNCocoa Processors went up by 8.82 per cent to close at N37k while Royal Exchange appreciated by 8.33 per cent to close at 52k, per share.
On the other hand, Consolidated Hallmark Insurance led the losers’ chart by 7.69 per cent to close at 60k, per share.
May & Baker followed with a decline of 6.74 per cent to close at N4.15, while Sovereign Trust Insurance declined by 6.52 per cent to close at 43k, per share.
Transnational Corporation (Transcorp) depreciated by 5.23 per cent to close at N2.90, while Caverton Offshore Support Group declined by 4.76 per cent to close at N1, per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 16.24 per cent.
A total of 680.80 million shares valued at N7.89 billion were exchanged in 6,666 deals. Fidelity Bank led the volume chart with 254.05 million units traded, while GTCO led the value chart in deals worth N1.57 billion.
Across the sectors, activities were broadly positive. The Consumer Goods index rose by +1.1%, banking popped up by 1.0%. The Oil & Gas index tracked higher by +0.5%, with same gain seen in the Insurance sector (+0.5%). Meanwhile, the Industrial Goods (-0.1%) index declined.
Overall, the equities market capitalisation advanced by N88 billion or 0.31 per cent to close at N28.63 trillion from N28.542 trillion posted on Tuesday. # NGX Records N88bn Gain as Zenith, GTCO Rally
