NGX opens bullish after Sallah break with N330bn growth

Whatsapp News

The Nigerian Exchange (NGX) resumed the holidays Thursday bullish with the capitalisation appreciating by N330 billion.

Analysts said the price appreciation was buoyed by buy-interest in all the major sectors with the exception of the sector.

Specifically, the capitalisation inched higher by N330 billion or 1.67 per cent N20.103 trillion N19.773 trillion .

Also, the All-Share Index increased by 632.87 points or 1.67 per cent close at 38,585.52 against 37,952.65 .

Accordingly, the month--date gain increased 1.8 per cent, while the year--date loss moderated to 4.2 per cent.

The positive was driven by price appreciation in large and medium capitalised stocks amongst which are; , Total, Cutix, Vitafoam and Oando.

Analysts at Afrinvest Ltd. said, “We expect the market to extend the positive to the last trading session of the week, driven by positive earnings release by companies.”

Consequently, the market closed positive with 22 gainers relative to 12 losers.

Total drove the gainers’ chart with 10 per cent to close at N184.80 per share.

Cutix followed with a gain of 9.77 per cent to close at N4.38, while Oando appreciated by 9.73 per cent to close at N3.61 per share.

rose by 7.83 per cent to close at N248, while Courteville Business Solutions gained 4.55 per cent to close at 23k per share.

On the other hand, AIICO led the losers’ chart in percentage terms by 8.70 per cent to close at N1.05 per share.

Sovereign Trust followed with a decline of 6.45 per cent to close at 29k, while Veritas Kapital Assurance lost four per cent to close at 24k per share.

Livestock Feeds lost 3.55 per cent to close at N1.90, while Ardova shed 3.23 per cent to close at N15, per share.

Meanwhile, the total volume of traded dropped by 58.3 per cent to 203.11 million valued at N1.72 billion in 3,969 deals.

This was lower compared with 462.81 million worth N1.19 billion exchanged in 3,610 deals on .

Transactions in the of Sterling topped the activity chart with 22.49 million shares valued at N33.80 million.

United Capital followed with 16.90 million shares worth N115.11 million, while Fidelity traded 14.06 million shares valued at N33.69 million.

Wema sold 13.96 million shares worth N12.24 million, while Guaranty Trust Holding (GTCO) transacted 13.30 million shares valued at N392.12 million.