NGX Expands as Investors Ramp Up Geregu Shares

NGX Expands as Investors Ramp Up Geregu Shares

The Nigerian equities market traded marginally higher as buying interest in Geregu Power Plc triggered a 2 basis points expansion in the All-Share Index to 54,520.20 points.

Increasing buying momentum has continued to drive growth in the local bourse. Investors appear to be targeting dividend announcement on corporate earnings release, pushing market index upward to 2008 highs.

After yesterday’s gain, the stock market year to date return inched upward to +6.4%.

The positive drive was supported by 3.7% share appreciation in Geregu and other mid-cap companies.

Meanwhile, the total volume traded declined by 6.4% to 125.86 million units, valued at NGN3.60 billion, and exchanged in 2,670 deals.

GTCO was the most traded stock by volume at 19.17 million units, while DANGCEM was the most traded stock by value at NGN1.95 billion.

Sectoral performance was mixed as the Insurance (-0.4%) and Industrial Goods (-0.1%) indices declined.

However,the Consumer Goods popped up 0.1% as the index advanced. The Oil & Gas and Banking indices closed flat.

As measured by market breadth, market sentiment was positive (1.1x) as 17 tickers gained relative to 15 losers.

TRIPPLEG gained +9.7% and JAPAULGOLD jumped up by +7.1% to lead the gainers’ list, while COURTVILLE lost 9.6% and CWG declined by 9.0% – recorded the most significant losses of the day.

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