Despite price losses that outweighed gains, the bulls upstaged the bears at the end of yesterday’s transactions on the equities sector of the Nigerian Exchange Limited (NGX), as market capitalisation appreciated by N13 billion.
Specifically, at the close of transactions yesterday, the All-Share Index (ASI) increased by 25.99 points from 39,434.69 recorded on Monday to 39,460.68 while market capitalisation appreciated from by 25.99 or 0.07 per cent to N20, 559 trillion from N20, 546 trillion achieved in the previous day.
The improved performance was driven by price appreciation in large and medium capitalised stocks, which are: Lafarge Africa, Zenith Bank, Dangote Sugar Refinery, Ecobank Transnational Incorporated (ETI) and Morison Industries Plc.
Analysts at Afrinvest Limited said: “In the next trading session, we expect to see mild gains, driven by strategic positioning in bellwether Banking stocks, as first half (H1), 2021 earnings release deadline nears crescendo.”
On the price movement chart, 17 stocks recorded price appreciation while 18 others constituted the losers’ chart. Morison emerged the highest price gainer with 10 per cent to close at N1.54 kobo while REGALINS followed with 9.52 per cent to close at 46 kobo.
TripleG gained 9.09 per cent to close at 96 kobo. Chi Plc added 8.51 kobo to close at 51 kobo. Jaiz Bank and Mutual Benefit Insurance appreciated by 6.90 and 6.06 per cent to close at 62n kobo and 35 kobo.
Honeywell Flourmills added 4.93 per cent to close at N3.19 kobo. Champion Breweries also gained 4.27 per cent to close at N2.20 kobo.
However, FTN Cocoa topped the losers’ chart 9.09 per cent to close at 40 kobo. Courtville followed with 8.82 per cent to close at 31 kobo. Sovereign Insurance gained 8.00 per cent to close at 23 kobo. UACN appreciated by 6.55 per cent to close at N10.70 kobo.
Multiverse added 4.76 per cent to close at 20 kobo. AIICO Insurance garnered 3.06 per cent to close at 95 kobo. Guinness gained 2.52 per cent to close at N31.00 kobo.
Neimeth added 2.44 kobo to close at N2.00 kobo. Mansard also appreciated by 2.27 per cent to close 86 kobo. On the activity chart, Courteville Business Solution recorded the highest volume of activities during the day, exchanging 22.446 million shares worth N7.334 million, Sovereign Trust Insurance followed with account of 21.313 million shares valued at N5.074 million, Wema Bank PLC traded 16.943 million shares at N14.594 million, United Bank for Africa sold a total of 15.537 million shares at N116.943 million, and FBNHoldings exchanged 10.837 million shares valued at N80.631 million.
Meanwhile, the exchange, today, marks 60 years of existence as an integrated market infrastructure group in Africa. The Group officially commenced operations on 25 August 1961, as the Lagos Stock Exchange, after it was founded on 15 September 1960.
In commemorating the milestone, the Group Chairman, NGX Group Plc, Otunba Abimbola Ogunbanjo paid tribute to the original subscribers of the articles of association: R.S.V. Scott, representing C.T. Bowring and Co. Nigeria Ltd.; Chief Theophilus Adebayo Doherty; Sir. Odumegwu Ojukwu; Mr. Akintola Williams and Alhaji Shehu Bukar, as well as, John Holt Ltd and Investment Company of Nig. Ltd. Ogunbanjo said: “We celebrate the vision of these seven individuals and organisations, who in the Nigerian spirit, broke new ground in starting the Exchange, and we are proud of our sterling history over these six decades. From our humble beginnings when only 19 securities were listed for trading, we are now demutualised and we trade over 300 securities worth about N35 trillion”.
Group Managing Director/Chief Executive Officer, NGX Group, Oscar N. Onyema said: “We must thank our invaluable stakeholders who have contributed to six decades of growth and partnership. To the trading license holders, issuers, regulators, government and its agencies, media, and other stakeholders, we recognise your support and reiterate our commitment to building a market infrastructure group that supports your business objectives across the entire value chain for many years to come.”
– Theguardian