NGX halts losing streak as capitalisation rises by N3 billion

Nigerian Exchange Group (NGX)

With renewed appetite in the shares of UACN Property Development Company (UPDC) and Academy Press, the Nigerian Exchange Limited (NGX) halted its losing streak to close in an upbeat yesterday, causing market capitalisation to increase by N3 billion.

Specifically, at the close of transactions yesterday, the All-share index appreciated by 4.88 points or 0.02 to 38,920.50 points from 38,915.62 points recorded on Monday.

Similarly, market capitalisation rose by N3 billion from N20.275 trillion to N20.278 trillion.

The market’s positive performance was driven by price appreciation in large and medium capitalised stocks including, UAC of Nigeria (UACN), Dangote Sugar Refinery, Africa Prudential, Oando and University Press.

On the price movement chart, 14 stocks recorded price depreciation while 21 others constituted the losers’ chart.

UPDC emerged the day’s highest price gainer with 9.93 per cent to close at N166 kobo while Academy Press followed with 8.33 per cent to close at 39 kobo. Courtville added 7.41 per cent to close at 29 kobo. Vitafoam appreciated by 3.88 per cent to close at N17.40 kobo. Livestock gained 2.88 per cent to close at N2.14 kobo. Japaul gold garnered 2.04 per cent to close at 50 kobo.

Honeywell flour mills appreciated by 1.82 per cent to close at N3.92 kobo. Nigerian Aviation Handling Company gained 1.72 per cent to close at N2.95 kobo, Fidelity Bank also added 1.67 per cent to close at N2.44 kobo.

However, Sovereign Insurance topped the losers’ chart with 7.41 per cent to close at 25 kobo. UPL followed, shedding 6.42 per cent to close at N1.02 kobo. REGALINS lost 6.25 per cent to close at 45 kobo.

UACN shed 4.85 per cent to close at N9.80 kobo. Chams depreciated by 4.55 per cent to close at 21 kobo. FTN Cocoa declined by 4.00 kobo to close at 48 kobo. Mutual Benefit depreciated by 3.33 per cent to close at 29 kobo. Ikeja Hotel and African Prudential lost 3.17 per cent each to close at N1.22 kobo and N6.10 kobo. Oando also shed 2.25 per cent to close at N4.35 kobo.

Analysts at Afrinvest said: “In the next trading session, we anticipate a negative performance as the market remains short of a positive catalyst.”

Vetiva Dealings and Brokerage firm said: “After a mixed session amid lukewarm investor sentiment, we expect the market to trade in a similar pattern as investors await the outcome of the MPC meeting set to hold later this week where issues surrounding FX will be addressed.”

The total volume rose by 13.6 per cent to 228.479 million shares, worth N1.879 billion, and traded in 3,376 deals. Transactions in the shares of Wema Bank topped the activity chart with 46.761 million shares valued at N35.973 million.

Access Bank followed with 28.240 million shares worth N263.495 million, while United Bank of Africa (UBA) traded 17.767 million shares valued at N135.079 million. Mutual Benefits Assurance traded 17.244 million shares valued at N4.879 million, while Fidelity Bank transacted 14.800 million shares worth N36.066 million.