NGX Gains N137bn as Telecom, Banking Stocks Rally
Bargain hunting drives the Nigerian Exchange (NGX) upward after the local bourse reported a N305 billion weekly loss last week.
Some bellwether stocks reclaimed losses, pushing equities market capitalisation higher by N137 billion to close at N28.1 trillion as against the N27.963 trillion posted at the last trading session on Thursday.
The All-Share Index rose by 250.75 points or an increase of 0.49 per cent to close at 51,606.49 points from 51,355.74 points recorded on Thursday.
The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are MTN Nigeria Communications, Stanbic IBTC Holdings, Unilever Nigeria, Berger Paints and Access Holdings.
Thirty-three stocks recorded gains on Tuesday, while nine lost in value. Japaul Gold & Ventures recorded the highest price gain of 10 per cent to close at 33k per share.
Honeywell Flour Mills followed with a gain of 9.91 per cent to close at N2.55, while Berger Paints gained 9.87 per cent to close at N8.35 per share.
Transcorp rose by 9.8 per cent to close at N2.69, while Ikeja Hotels appreciated by 9.35 per cent to close at N1.52 per share. Wapic Insurance led the losers’ chart as it dipped by 7.32 per cent to close at 38k per share.
Nigerian Exchange Group followed with a decline of 4.89 per cent to close at N25.30, while RT Briscoe declined by 4 per cent to close at 24k per share.
AIICO Insurance shed 3.64 per cent to close at 53k per share, while Royal Exchange Assurance dipped by 3.17 per cent to close at 61k per share. Today, total volume of trade increased by 247.9 per cent to 2.09 billion units, valued at N8.849 billion, and exchanged in 6,404 deals.
Transactions in the shares of Transcorp topped the activity chart with 1.66 billion shares valued at N4.093 billion. Access Holdings followed with 217.419 million shares worth N2.313 billion, while Fidelity Bank traded 30.706 million shares valued at N175.789 million.
Zenith Bank traded 27.553 million shares valued at N608.809 million, while United Bank for Africa transacted 18.212 million shares worth N143.601 million. # NGX Gains N137bn as Telecom, Banking Stocks Rally
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