NGX Rises as Investors Hunt for Upside in Geregu, FBNH, UBA

NGX Rises as Investors Hunt for Upside in Geregu, FBNH, UBA

The equities segment of the Nigerian Exchange, NGX, records gains as investors position strongly in shares of Geregu Power Plc, FBNH, UBA and Zenith bank among others.

Consequently, the stock market year-to-date gain advanced to 2.93% as sentiment remained positive in the market amid investors’ demand for utility and banking stocks.

Overall, the equities market capitalisation gained N14 billion or 0.06 per cent to close at N23.948 trillion from N23.934 trillion recorded the previous days.

Also, the All-Share Index (ASI) gained 25.93 points or 0.06 per cent to close at 43,968.75 points compared with 43,942.82 points recorded on Thursday. The primary drivers of the market’s performance were Zenith Bank, First Bank of Nigeria Holdings (FBNH) and Geregu Power.

Market breadth closed positive with 13 stocks advancing while six were on the laggard’s log. Cornerstone Insurance led the gainers’ table increasing by 10 per cent to close at 44k per share.

Unity Bank followed with a growth of 9.62 per cent to close at 57k, while E-Tranzact International added by 9.37 per cent to close at N3.50, per share.

WAPIC insurance rose by 9.09 per cent to close at 36k, while Regency Alliance Insurance appreciated by eight per cent to close at 27k, per share.

On the other hand, Flour Mills topped the losers’ chart dropping by 9.9 per cent to close at N27.30, per share. PZ trailed with a loss of 7.03 per cent to close at N8.60, while Ecobank Transnational Incorporated (ETI) dropped five per cent to close at N9.50, per share.

Ikeja Hotel was down by 1.06 per cent to close at 93k, while Seplat dipped by 8.62 per cent to close at N8.02 per share. READ: NGX Records Large Gain as Investors Hunt for Value

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 30.05 per cent. A total of 209.71 million shares valued at N2.17 billion were exchanged in 2,942 deals.

Performance across sub-indices was varied, as the NGX Banking and NGX Consumer Goods indices fell by 0.19% and 0.51%, respectively. Meanwhile, the NGX Oil/Gas Index and the NGX Industrial Index remained unchanged.

The NGX Insurance index climbed by 2.02% on buy interest in CORNERST (+10.00%), WAPIC (+9.09%), PRESTIGE (+2.63%), and AIICO (+1.82%).

In terms of volume, ACCESSCORP was the most active stock, with 81.34 million shares worth N654.72 million changing hands in 121 deals. # NGX Rises as Investors Hunt for Upside in Geregu, FBNH, UBA

Previous articleFitch Downgrades Nigeria as Interest on Debts Exceeds Govt. Revenue
Next articleOil Rises as US Inflation Drop Reduces Demand Concerns
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.