Trading on the Nigerian Exchange Limited (NGX) ended positively yesterday as a result of persistent bargain hunting in many blue-chip stocks, particularly Dangote cement and BUA cement, which led to a further increase in market capitalization of N710 billion.
The All Share Index (ASI), which closed at 46,232.37 points, increased by 1,303.04 absolute points, or 2.82 percent. As a result, investors made N710 billion in profit as the market valuation increased to N25.182 trillion.
Gains in medium- and large-capitalized stocks, including Dangote Cement, BUA Cement, Guinness Nigeria, Vitafoam of Nigeria, and United Capital, had an impact on the recovery.
“Despite the MPC decision, investors have continued to pick up stocks in the share market for a third straight day this week,” analysts at Vetiva Dealing and Brokerage firm stated.
“Although, we anticipate some profit-taking activities in the coming session, we expect the positive sentiment in the market to hold firm once again in tomorrow’s session.”
Market mood was upbeat, as seen by the favorable market breadth ratio of 28 advancing stocks to 11 declining ones. The company with the largest price increase, 10%, to close at 22 kobo per share was Secure Electronic Technology.
BUA Cement increased by 9.72 percent to close at N79.00 a share, while Dangote Cement increased by 9.98 percent to close at N262.30.
The price of Cornerstone Insurance increased by 9.09% to close at 48 kobo, the price of Prestige Assurance increased by 8.11% to close at 40 kobo, and the price of Mansard increased by 7.74% to close at N1.81 kobo. Japaul Gold increased 7.69% to finish at 28 kobo.
RT Briscoe increased by 7.41% to finish at 29 kobo. Vitafoam increased 6.70% to finish at N21.50 kobo. To close at N1 22 kobo, TransNational Corporation had a 6.09 percent increase. United Capital increased 5.69% to finish at N13.00.
SCOA Nigeria, on the other hand, topped the losers’ chart by 9.30% to settle at N1.17 per share. Following Royal Exchange, Eterna fell by 4.76 to settle at N5.40 per share, while Royal Exchange fell by 8.97% to close at 71 kobo.
While Chams lost 4.35 percent to close at 22 kobo, Cutix lost 4.72 percent to close at N2.02. To close at N9.50 kobo, PZ Cussons lost 3.06 percent. To close at N2.30 kobo, Redstar Express lost 2.95 percent of its value. To close at 84 kobo, Lasaco lost 2.33 percent of its value. UPDC fell 2.17 percent to end the day at 90 kobo. In addition, Unity Bank dropped 1.92 percent to finish at 51 kobo.
With 3,458 transactions, the total volume of trades grew by 48.47% to 187.907 million units worth N1.842 billion. With 30.110 million shares changing hands for N43.058 million, transactions in shares of LivingTrust Mortgage Bank topped the list of activity.
Following Transcorp, Access Holdings traded 16.392 million shares worth N139.575 million, and 26.530 million shares worth N31.461 million belonged to Transnational Corporation of Nigeria (Transcorp).
12.116 million shares of Ecobank Transnational Incorporated (ETI) were traded for N121.173 million, while 11.549 million shares of Guaranty Trust Holding Company (GTCO) were exchanged for N233.580 million.