Nigerian Exchange extends gains, appreciates by 0.29%
The key market indices of the Nigerian Exchange (NGX) Ltd. on Wednesday extended gaining streak to four consecutive trading sessions, appreciating further by 0.29 per cent.
The performance was a result of investors’ interests in Guaranty Trust Bank and Lafarge Africa.
Specifically, the All-Share Index rose by 112.76 points or 0.29 per cent to 39,128.34 compared with 39,015.58 posted on Tuesday.
Consequently, the month-to-date gain turned positive to 0.2 per cent, while the year-to-date loss moderated to 2.8 per cent.
Market analysts attributed the performance to renewed confidence as bargain hunters continue to leverage low-priced fundamentally viable stocks amidst first-quarter corporate results.
The market gain was driven by price appreciation in large and medium capitalised stocks, including Conoil, Lafarge Africa, Guaranty Trust Bank, Eterna, and Union Bank of Nigeria.
As measured by market breadth, market sentiment was positive, as 22 stocks gained relative to 21 losers.
Conoil recorded the highest price gain to lead the gainers’ chart in percentage gains, improving by 9.97 per cent to close at N18.75 per share.
Studio Press followed with 9.88 per cent to close at N1.78, while Eterna rose by 9.48 per cent to close at N6.35 per share.
University Press grew by 9.40 per cent to close at N1.28, while Lafarge Africa appreciated by 6.83 per cent to close at N21.90 per share.
On the other hand, Guinness Nigeria led the losers’ chart in percentage terms, losing 9.89 per cent to close at N28.70 per share.
Portland Paints & Products Nigeria trailed with 9.85 per cent to close at N2.38, while Academy Press shed 9.76 per cent to close at 37k per share.
Learn Africa dipped 8.26 per cent to close at N1, while Regency Alliance Insurance depreciated by 7.41 per cent to close at 25k per share.
Transactions in the shares of Access Bank topped the activity chart with 28.18 million shares valued at N213.19 million.
Fidelity Bank followed with 17.17 million shares worth N38.43 million, while Mutual Benefits Assurance sold 16.81 million shares valued at N6.03 million.
Guaranty Trust Bank accounted for 13.68 million shares worth N423.11 million, while Transcorp transacted 12.64 million shares valued at N10.17 million.
In all, the total volume of shares traded decreased by 29.4 per cent, with 239.25 million shares worth N1.66 billion exchanged in 3,746 deals.
This was in contrast with 339.02 million shares valued at N2.71 billion transacted in 4,205 deals on Tuesday.
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