Bullish sentiment continued on the Nigerian Exchange Limited (NGX) as market capitalization grew by N33 billion yesterday, following bargain hunting in Nigerian Breweries (NB) Plc and 20 stocks.
The All Share Index (ASI) thus increased by 61.90 absolute points, or 0.12%, to close at 51,657.56 points. As a result, investors made N33 billion in profit as the market valuation increased to N28.136 trillion.
Gains in medium- and large-capitalized companies, including those in Nigerian Breweries, Flour Mills of Nigeria, BUA Foods, Nigerian Aviation Handling Company (NAHCO), and Fidelity Bank, had an impact on the recovery.
According to experts at GTI Securities Limited, “we anticipate favorable sentiments to persist in the coming year given the sectors’ restored attractiveness.”
According to Vetiva Dealings and Brokerage: “Large volume trades have elevated activity in the last 2 trading sessions. Barring any of these similar transactions, we expect market activity to revert to prior turnover level, amid cherry-picking actions across sectors.”
21 stocks saw gains, while 12 stocks posted drops, resulting in a positive closing market breadth.
The three companies with the largest price increases—NAHCO, Nigerian Breweries, and LivingTrust Mortgage Bank—closed at N7.7, N45.1, and N1.76 respectively.
Following closely behind, FCMB Group increased by 9.97% to close at N3.86, while Fidelity Bank increased by 9.86% to close at N4.79 kobo.
Royal Exchange increased by 7.41% to close at 29 kobo, while Japaul Gold & Ventures increased by 7.41% to do the same.
Champion Breweries, on the other hand, finished at N4.95 kobo and led the losers’ table by 10%. Unity Bank closed at 55 kobo after losing 6.78% of its value, and United Bank for Africa (UBA) lost 3.61 percent to settle at N8.
Consolidated Hallmark Insurance lost 2.99 percent to settle at 65 kobo, while Jaiz Bank lost 3.33 percent to close at 87 kobo.
265.726 million shares, worth N13.529 billion, were exchanged in 4,156 trades, a 17.4% decrease in total volume. BUA Cement share transactions, totaling 101.654 million shares and N9.851 billion, topped the list of activities.
Following with 32.77 million shares valued at N37.144 million, Transcorp was followed by Access Holdings with 22.956 million shares worth N199.941 million.
12.227 million shares of Guaranty Trust Holding Company (GTCO) were traded for N284.428 million, while 12.214 million shares of UBA were exchanged for N99.413 million.