The Nigerian Exchange Limited (NGX) recovered yesterday following three days of adverse trend due to gains made by Dangote Cement Plc, Guinness Nigeria Plc, and 18 stocks, increasing market capitalization by N391 billion.
The all-share index (ASI) increased precisely by 724.76 absolute points, or 1.47 percent, to settle at 50,075.47 points. Likewise, the market capitalization as a whole increased by N391 billion to conclude at N27.01 trillion.
Price increases in major and medium-capitalized equities, such as Dangote Cement, Guinness Nigeria, NEM Insurance, Ellah Lakes, and May & Baker Nigeria, were the main drivers of the market’s strong performance.
“The local market concludes the day positively, as investors react to the profitability results of listed companies,” analysts at GTI Securities Limited stated. As more businesses disclose their Q2 results, we anticipate mixed reactions to persist.
“Aside from the recovery in DANGCEM, the market also posted pockets of recoveries across the board, as all sectors closed in the green,” according to Vetiva Dealing and Brokerage. Tomorrow’s sectoral performance is likely to be mixed given the ongoing cherry-picking practices.
Market mood, which is measured by market breadth, was upbeat as 20 equities rose in value compared to 10 declining ones. Dangote Cement experienced the greatest price increase of 9.96% to close at N265.
Ellah Lakes increased by 9.41% to close at N4.3 kobo, while NEM Insurance gained 9.89% to settle at N4.11 kobo.
May & Baker Nigeria increased by 8.68% to close at N3.88 kobo, while Japaul Gold and Ventures increased by 8.82% to close at 37 kobo. CHI increased 8.62% to close at 63 kobo.
Chams increased by 7.41% to finish at 29 kobo. Champion increased 5.60% to finish at N3.96 kobo. To close at N5.80 kobo, African Prudential gained 5.45%. Additionally, International Breweries increased by 5% to close at N5.25 kobo.
Lafarge Africa, on the other hand, finished at N23.20 kobo and led the losers’ table by 8.84 percent. Following closely behind, Honeywell Flour Mills dropped by 6.41 percent to close at N2.63 kobo, and Nigerian Aviation Handling Company fell by 8.62 percent to close at N5.30 kobo.
While AIICO Insurance lost 5.26 percent to close at 54 kobo, UAC of Nigeria (UACN) lost 5.36 percent to close at N10.60 kobo.
Additionally, there were 3,576 transactions totaling 279.221 million units for N2.082 billion, representing a 98.58% increase in the total volume traded.
With transactions involving 115.128 million shares of Jaiz Bank valued at N100.141 million, those transactions topped the list of activity. Following with 39.956 million shares worth N431.498 million, FBN Holdings (FBNH) and United Bank for Africa (UBA) exchanged 14.661 million shares worth N104.318 million and N431.498 million, respectively.
While Japaul Gold and Ventures traded 13.26 million shares for N4.906 million, AIICO Insurance exchanged 13.914 million shares worth N7.675 million.
