Stock Market Bullish With N299bn Investors’ Gain

Equities Market turned bullish on Thursday, halting a three consecutive losing streak on the Nigerian Exchange Limited (NGX).

The NGX’s, All-Share Index (ASI) rose 554.15 index points or 1.05 per cent to settle at 53,275.49 points compared to its previous value of 52,721.34 points.

Also, the market capitalization which measures the total value of listed equities on the NGX appreciated by N298.75 billion or 1.05 per cent to close at N28.721 trillion, up from N28.422 trillion it recorded on Wednesday.

The appreciation of the market was buoyed by the rise in the value of medium and small scale companies like Transcorp Hotels Plc, BetaGlas Plc, McNichols Plc, Veritas Kapital Plc and Multiverse Plc.

The market turnover decreased by 55.13 per cent as investors bought and sold 274.556 million shares worth N8.446 billion in 5,184 deals, as against the previous trading session when a total of 611.973 million units of shares valued at N7.426 billion in 5,948 deals were transacted.

Despite the positive trend of the Nigerian Bourse during Thursday’s trading session, the market breadth closed negative with 28 laggards compared with 21 stocks advancing.

The gainers’ table was led in percentage parameters by Transcorp Hotels Plc, as the hospitality firm rose 9.89 per cent to close at N5. 89 kobo per share.
READ ALSO:CBN To Clampdown On Anchor Borrower’s Loan Defaulting Farmers
BetaGlas Plc and McNichols Plc gained 9.74 per cent and 9.60 per cent to settle at N62. 55 kobo and N1. 94 kobo per share respectively.

Also, Veritas Kapital Plc soared by 9.52 per cent to close at N0. 23 kobo per share, while Multiverse Plc jumped 9.09 per cent to settle at N0. 24 kobos per share.

On the other hand, the laggards were led in percentage terms by Conoil Plc, as the Oil and Gas firm declined 10 per cent to close at N28. 35 kobo per share.

In the same vein, Eterna, Plc dipped 9.59 per cent to close at N6. 60 kobo per share, while Prestige Assurance Plc fell 9.09 per cent to close at N0.40 kobo per share.

Chams Plc and Royal Exchange Plc concluded the top five losers’ table of the NGX with 8.33 per cent and 7.35 per cent dip to settle at N0. 22 kobo and N1.26 kobo per share respectively.

Analysis of the NGX market activity chart reveals that Transnational Incorporated Plc closed as the most active stock in volume terms, trading a total of 48.38 million shares worth N61.43 million, while MTN Nigeria Plc was the most valuable brand with 20.60 million shares valued at N5.49 billion.