The Nigerian Exchange Limited (NGX) recovered in the final trading session of November as capitalization rose by N183 billion thanks to investors’ renewed interest in shares of MTN Nigeria (MTNN) and 20 other stocks.
The All Share Index (ASI) increased by 337.07 absolute points, or 0.71 percent, to settle at 47,660.04 points yesterday. As a result, investors made N183 billion in profit as the market valuation increased to N25.959 trillion.
Gains in medium- and large-capitalized equities, including MTN Nigeria Communications (MTNN), United Capital, UAC of Nigeria (UACN), PZ Cussons Nigeria, and Nigerian Exchange Group, had an impact on the recovery (NGXGroup).
After five straight month-over-month falls in the All-Share index, market analysts at Vetiva Dealings and Brokerage stated: “Despite the difficult start to the month, the market concluded November with an 8.72% return.
Due to the projected sell-offs during the holiday season, we anticipate lukewarm, negative sessions as the year comes to a close.
Additionally, the market breadth ended up as 21 equities showed gains and 9 stocks posted decreases. Wema Bank experienced the largest price increase, rising 10% to settle at N3.30 per share. Academy Press increased by 9.45% percent to settle at N1.39 per share, while UACN gained 9.95 percent to close at N10.50.
Associated Bus Company increased by 8.00% to close at 27 kobo per share, while United Capital increased by 8.10% to close at N13.35. A 8% increase brought ABC Transport’s closing price to 27 kobo.
To close at N6.55 kobo, Union Bank earned 4.80 kobo. To close at N9.95 per kobo, PZ Cussons gained 4.74 percent. To conclude at N218.50 kobo, MTN Nigeria gained 3.80 percent. Accesscorp increased by 3.66 to finish at N8.50 kobo as well.
Royal Exchange, on the other hand, finished at 63 kobo per share to lead the losers’ chart by 10%. Prestige Assurance dropped by 8.51 to conclude at 43 kobo per share, while Red Star Express dropped by 9.25 percent to close at N2.06.
R.T. Briscoe Nigeria lost 6.90% to settle at 27 kobo per share, while Nigerian Breweries lost 7.08% to close at N42.00. To close at 27 kobo, RT Briscoe dropped 6.90 kobo.
To close at 27 kobo, Sunu Assurance experienced a 3.57 percent decline. Japaul Gold lost 3.57 percent of its value to close at 27 kobo.
To close at 50 kobo, Cornerstone Insurance saw a 1.96 percent decline. Additionally, Sterling Bank lost 70 kobo to finish at N1.42 kobo.
With 3,227 transactions, the total volume traded fell by 11.51 percent to 107.020 million shares, valued at N1.319 billion. The most active activity was in the shares of FBN Holdings (FBNH), with 12.529 million shares changing hands for N139.637 million.
Zenith Bank traded 8.040 million shares worth N174.545 million, followed by Fidelity Bank with 10.253 million shares worth N42.197 million.
Stanbic IBTC Holdings traded 5.058 million shares worth N154.530 million, while Wema Bank traded 5.856 million shares worth N18.509 million.
