Market Index Spikes as Etransact Lists Additional Shares
The Nigerian Exchange performance indicators inch upward on Wednesday as Etransact lists more shares and equities investors’ seen taking a position in value stocks amidst monetary policy tightening.
Some market analysts are projecting that the local bourse would witness another rounds of selling rallies after a 150 basis points benchmark interest rate hike.
Trading data from the Nigerian Exchange that market capitalisation closed at N26.531 trillion, N14 billion above N26.517 trillion recorded on Tuesday.
The disparity was partly a result of ETRANSACT Plc’s additional listing of 2,565,433,333 ordinary shares at 50 kobo on the Nigerian Stock Exchange, according to Atlass Portfolios Limited..
Market data shows that the All Share Index (ASI) increased marginally by 10.25 basis points or 0.02 per cent gain to close at 49,171.70 as against 49,161.45 posted the previous day.
Consequently, the year-to-date (YTD) return rose to 15.11per cent. A breakdown of the price movement table showed that Chams topped the gainers’ table with a gain of eight per cent to close at 27k per share.
Ardoval Plc trailed with a gain of 7.42 per cent to close at N13.75, while Sovereign Insurance rose by 3.57 per cent to close at 29k per share. BUA Cement was up by per cent to close at 52k, while Jaiz Bank appreciated by 2.70 per cent to close at 76k per share.
Conversely, Japaul Gold &Venture led the losers’ table, dropping by 10 per cent to close at 27k per share. Royal Exchange followed with a loss of 9.8 per cent to close at 92k, while Consolidated Hallmark Insurance declined by 8.62 per cent to close at 53k per share.
RTBriscoe decreased by 8.57 per cent to close at 32k, while Fidson fell by 7.54 per cent to close at N9.2 per share. Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions decreasing by 25.36 per cent. READ:FGN Eurobond Yields Inch Higher on Sell Pressures
A total of 101.57 million shares valued at N1.20 billion were exchanged in 3,981 deals compared with 139.24 million shares valued at N1.60 billion exchanged in 3, 421 deals on Tuesday.
Guaranty Trust Holding Company (GTCO) recorded the highest volume of 14.34 million shares to close at N259.04 million, followed by Zenith Bank which traded 11.56 million shares valued at N228.91 million.
FBN Holdings sold 6.28 million shares at N61.23 million and Transcorp transacted 6.2 million shares at N6.27 million. Also, Chams sold 5.7 million shares worth N1.48 million.
# Market Index Spikes as Etransact Lists Additional Shares#
