The Nigerian Exchange Limited (NGX) finished in a positive mood yesterday as bargain hunting in 20 stocks and Africa Prudential (AFRIPRUD) Plc increased market capitalization by N32 billion following a prolonged surge ahead of the 2022 full-year repositioning.
The All Share Index (ASI) increased by 59.25 absolute points, or 0.12%, to close at 49,475.43 points yesterday.
As a result, investors made N32 billion in profit as the market valuation increased to N26.948 trillion. Gains in medium- and large-capitalized companies, including those of Africa Prudential, FBN Holdings (FBNH), Guaranty Trust Holding Company (GTCO), Champion Breweries, and United Capital, had an impact on the recovery.
Afrinvest Limited analysts stated: “In the penultimate trading session for the week, we anticipated the bullish performance would be sustained in the absence of any negative catalyst.”
As 21 stocks showed gains and 11 stocks posted drops, market breadth closed in the positive. University Press experienced the greatest price increase, rising 9.83% to settle at N1.90 kobo.
Africa Prudential increased by 9.35% to close at N5.85 kobo, while Thomas Wyatt Nigeria gained 9.68% to close at 68 kobo.
Chams increased by 4.76 percent to close at 22 kobo, while Champion Breweries increased by 4.88 percent to close at N4.3. On the other hand, Japaul Gold & Ventures, which closed at 26 kobo per share, topped the list of losers by 3.7%.
Mutual Benefits Assurance closed at 28 kobo next, down 3.45 percent, and FTN Cocoa Processors dropped by 3.33 to settle at 29 kobo.
Wapic Insurance lost 2.44 percent to settle at 40 kobo, while Wema Bank lost 2.73 percent to close at N3.21. The total number of shares traded increased by 310.9 percent to 411.151 million, with a value of N6.348 billion, and 2,992 transactions.
The most frequent activity was in the 245.331 million shares of UPDC Real Estate Investment Trust (UPDCREIT) traded for N760.474 million. Geregu Power traded 25.043 million shares worth N2.629 billion, and FBNH traded 55.926 million shares worth N610.993 million.