Transactions on the Nigerian Exchange Limited (NGX) reopened in a positive mood yesterday as investor wealth increased by N534 billion following Conoil and 66 stocks’ significant price gains.
The result was that the All Share Index (ASI) increased by 980.97 points, or 1.61 percent, to close at 61,949.24 points. Market value increased by N534 billion to N33.732 trillion at the close.
Gains in medium- and large-capitalised stocks, including Conoil, MTN Nigeria Communications (MTNN), MRS Oil Nigeria, Guaranty Trust Holding Company (GTCO), and NASCON Allied Industries, had an impact on the recovery.
United Capital Plc analysts said this week: ” “we expect the bullish sentiments in the equities market to persist on the back of the attractiveness of the market over the depressed rates in the fixed-income market.”
“Also, we believe the positive sentiments around the new policies to continue to drive the rally in the market. Lastly, we expect investors to begin to take positions ahead of the upcoming of Q2, 2023 earnings season.”
Market mood was upbeat, as seen by the favorable market breadth ratio of 67 advancing stocks to 13 declining ones. The largest price increases were recorded by Eterna, Meyer, Fidelity Bank, Japaul Gold & Ventures, Linkage Assurance, and University Press, which closed at N23.10 kobo, N2.64 kobo, N7.70 kobo, 77 kobo, 77 kobo, and N2.75 kobo, respectively.
Access Holdings increased by 9.94% to settle at N18.25 kobo, while Transnational Corporation (Transcorp) gained 9.97% to close at N3.86.
Tripple Gee & Company, on the other hand, topped the losers’ list with a fall of 9.87% to finish at N3.38, while Secure Electronic Technology and Cornerstone Insurance were next with declines of 9.09% each to close at 30 kobo and N1.
While Julius Berger fell by 3.23 percent to settle at N30.00 49 per share, Associated Bus Company lost 6.82 percent of its value to close at 41 kobo.
With 12,128 transactions, the overall volume traded increased by 20.78% to 1.205 billion units, worth N14.04 billion. With 173.808 million shares traded for a total value of N930.697 million, transactions in FCMB Group shares topped the list of activity.
Following with 160.674 million shares for N2.119 billion, United Bank for Africa (UBA) and Access Holdings each exchanged 132.519 million shares worth N2.384 billion.
Transcorp sold 74.964 million shares worth N285.248 million, while Jaiz Bank sold 80.638 million shares worth N138.393 million.
