Stock Market Appreciates by N87bn as New Week Begins Positive – THISDAYLIVE

Kayode Tokede

Trading activities on the stock market of the Nigerian Exchange Limited (NGX) yesterday resumed the week on a positive note as market capitalisation appreciated by N87billion.

Specifically the NGX All-Share Index (ASI) rose by 162.70 basis points or 0.33 per cent to close at 49,189.32 basis points, while the overall market capitalisation value gained N87 billion to close at N26.532 trillion. 

Accordingly, the stock market in its Year-to-date (YTD) return of the market strengthened to 15.2per cent from 14.8per cent the previous trading day.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Cement, Nigerian Exchange Group (NGXGroup), Union Bank of Nigeria (UBN), Guaranty Trust Holding Company (GTCO) and Multiverse Mining and Exploration.

However, market sentiment, as measured by market breadth, was negative, as 17 stocks lost, relative to 12 gainers. Multiverse Mining and Exploration recorded the highest price gain of 9.93 per cent to close at N3.10, per share.

FCMB Group followed with a gain 8.02 per cent to close at N3.50, while Union Bank of Nigeria (UBN) appreciated  by 7.83 per cent to close at N6.20, per share.

Japaul Gold and Ventures went up by 7.41 per cent to close at 29 kobo, while NGX Group appreciated by 5.88 per cent  to close at N18.00,  per share.

On the other hand, Academy Press led the losers’ chart by 10 per cent to close at N1.53, per share. NEM Insurance  followed with a decline of 8.91 per cent to close at N4.91 and Neimeth International Pharmaceuticals shed 8.33 per cent to close at N1.43, per share.

Champion Breweries lost 7.86 per cent to close at N3.40, while Chams shed 7.41 per cent to close at 25 kobo, per share.

The total volume of trades declined by 29.5 per cent to 119.284 million units, valued at N854.755 billion, and exchanged in 3,580 deals.

Transactions in the shares of Courteville Business Solutions topped the activity chart with 24.361 million shares valued at N10.961 million. FCMB Group followed with 20.007 million shares worth N69.432 million, while Zenith Bank traded 8.868 million shares valued at N177.135 million.

Transnational Corporation of Nigeria (Transcorp) traded 5.923 million shares valued at N6.149 million, while United Bank for Africa transacted 5.876 million shares worth N42.640 million.

This week, analysts at United Capital Plc said it expected “bearish sentiment to dominate the market as we project a rate hike, in line with rising inflationary pressures and global monetary hawkish tone, by the MPC in its September meeting.

“Accordingly, this will result in an increasing rate in the fixed income market, thus making the equities market unattractive.”

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