Investors Gain N39bn as NGX Shakes off Bear Market Riot

Investors Gain N39bn as NGX Shakes off Bear Market Riot

Equities investors in the Nigerian Exchange (NGX) on Wednesday gained N39 billion, consolidating on the ongoing rally that has persisted in the week. The increased value added to the market capitalisation has boosted the local bourse weight as NGX shakes off the bear market riot seen in the past week.

Key performance indicators were boosted following buying interest in Geregu Power Plc.’s shares, consequently, the equities market capitalization inched higher by ₦39.02 billion to close at ₦24.43 trillion from ₦24.39 trillion the previous day.

Trading data from the domestic bourse shows that the All Share Index (ASI) rose by 71.64 basis points or 0.16 per cent to close at 44,859.78 basis points from 44,788.14 basis points the previous trading session.

However, market breadth remained negative as 12 stocks posted gains, while 19 stocks declined.

Multiverse Mining & Exploration and R.T. Briscoe Nigeria recorded the highest price gain of 10 per cent each to close at N4.62 and 33k, while University Press followed with a gain 9.15 per cent to close at N1.79 per share.

FTN Cocoa processors went up by 7.41 per cent to close at 29k, while AIICO Insurance and Geregu Power appreciated by 5.45 per cent each to close at 58k and N116.00, per share. READ: Banks Read Riot Act to Customers on FX Sales Policy, Warn Offenders

On the other hand, Cutix led the losers’ chart by 6.51 per cent to close at N2.01, per share. Jaiz Bank followed with a decline of 6.19 per cent to close at 91 kobo, while Dangote Sugar Refinery went down by 5.83 to close at N15.35 per share.

Sterling Bank lost 3.85 per cent to close at N1.50, while Sovereign Trust Insurance shed 3.85 per cent to close at 25k, per share. The total volume traded declined by 41.26 per cent to 93.515 million shares, worth N3.383 billion, and traded in 3,187 deals.

Transactions in the shares of Geregu Power topped the activity chart with 12.794 million shares valued at N1.292 billion. Sterling Bank followed with 9.485 million shares worth N14.276 million, while Access Holdings traded 6.318 million shares valued at N48.610 million.

Zenith Bank traded 6.246 million shares valued at N122.708 million, while Ecobank Transnational Incorporated (ETI) transacted 5.623 million shares worth N62.411 million.

On market outlook, analysts at United Capital Plc expect mixed sentiments to persist, as pre-election risks amplify and investors anticipate the release of companies’ third quarter results. # Investors Gain N39bn as NGX Shakes off Bear Market Riot

Previous articleBlockchain Technology to Grow to $39 Billion, NITDA Says
Next articleT-Bills Yield Rises to 11.2%, Bond Pops 2 Basis Points
MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.