BUSINESS

NGX Gains N188bn As Investors Renewed Interest In Geregu Power, 20 Others

The equities market of the Nigerian Exchange Limited (NGX) reversed prior day’s loss with a gain of N188 billion, as bargain hunting in Geregu Power Plc and 20 others underpinned market performance.

Consequently, the All Share Index (ASI) gained by 340.85 points, representing a growth of 0.51 per cent to close at 67,217.77 basis points.

Also, market capitalisation gained N188 billion to close at N36.930 trillion.

As a result, the equities market Month-to-Date and Year-to-Date returns increased to +1.3per cent and +31.2per cent, respectively.

InvestmentOne Research said, “The Nigerian equities market closed upwards today on the back of the positive sentiment recorded in MTN Nigeria, the Banking and Consumer Goods sectors.

“Going forward, we expect investor s sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”

Analysing by sectors, the NGX Banking gained 1.4per cent and NGX Consumer Goods rose by 0.5 per cent, while the NGX Industrial Goods and Oil & Gas indices were unchanged. The NGX Insurance depreciated by 0.5per cent, the sole loser of the day.

As measured by market breadth, market sentiment was positive, as 21 stocks gained relative to 13 losers.

Flour Mills of Nigeria recorded the highest price gain of 9.93 per cent to close at N31.00, per share.

University Press followed with a gain of 9.81 per cent to close at N2.35, while Chams rose by 9.38 per cent to close at N1.75, per share.

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Geregu Power up by 9.05 per cent to close at N343.50, while Thomas Wyatt Nigeria appreciated by 9.02 per cent to close at N4.35, per share.

On the other hand, VFD Group led the losers’ chart by 9.98 per cent, to close at N228.20, per share.

Associated Bus Company followed with a decline of 9.88 per cent to close at 73 kobo, while FTN Cocoa Processors down by 3.70 per cent to close at N1.56, per share.

Nigerian Exchange Group depreciated by 3.67 per cent to close at N21.00, while Vitafoam Nigeria declined by 3.44 per cent to close at N22.45, per share.

The total volume traded rose by 1.7 per cent to 319.904 million units, valued at N6.330 billion, and exchanged in 6,272 deals.

Transactions in the shares of Access Holdings topped the activity chart with 50.780 million shares valued at N264.067 million.

GTCO followed with 42.044 million shares worth N1.497 billion, while Fidelity Bank traded 32.118 million shares valued at N264.067 million.

United Bank for Africa (UBA) traded 25.726 million shares valued at N496.686 million, while Sterling Financial Holdings Company sold 19.372 million shares worth N69.984 million.

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