Mid-Week Trading Experiences the First Gain of the Week

Investors at the Nigerian Stock Exchange closed yesterday with a positive move. The market recovered from the previous trading day when market capitalisation was down by N107 billion due to investors' interest activities.

The NGX All-Share Index rose by 331.17%, representing a gain of 0.32%, to close at 104,283.64 points. While the overall market capitalisation value gained N187 billion to close at N58.963 trillion.

The positive outcome in market performance was driven by price appreciation in large and medium-capitalised stocks: Zenith Bank, Guaranty Trust Holding Company (GTCO), Nigerian Exchange Group, United Capital, and United Bank for Africa (UBA).

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Market breadth closed positive, as 29 stocks gained relative to 20 losers. 

Top Gainers: CWG recorded led the chart with 10% to close at N7.15 per share. Juli followed with a gain of 9.97% to close at N9.49, while FTN Cocoa Processors appreciated by 9.94% to close at N1.77 per share. Consolidated Hallmark Holdings appreciated by 9.72% to close at N1.58, while Livestock Feeds rose by 9.70% to close at N1.81 per share.

Top Losers: Northern Nigeria Flour Mills (NNFM) led the chart by 9.97% to close at N48.30 per share. Prestige Assurance followed with a decline of 9.68% to close at 56 kobo, while Omatek Ventures declined by 8.86% to close at 72 kobo per share. Veritas Kapital Assurance lost 8.57% to close at 64 kobo, while May & Baker Nigeria lost 8.33% to close at N5.50, per share.

Also, the total volume of trade increased by 33.46% to 499.707 million units, valued at N12.411 billion, exchanged in 10,260 deals. Transactions in Access Holdings's shares topped the activity chart, with 83.601 million shares valued at N1.974 billion. Zenith Bank followed with 53.203 million shares worth N2.263 billion, while United Bank for Africa (UBA) traded 49.679 million shares valued at N1.362 billion.

GTCO traded 49.531 million shares valued at N2.521 Billion, while Transnational Corporation (Transcorp) transacted 48.082 million shares worth N646.530 million.

Back Story

Nigeria's equities market closed in the red zone on Tuesday with a N104 billion decline or 18% following the rate hike by the Monetary Policy Committee (MPC).

At the close of trading on Tuesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased further from the preceding day's highs of 104,136.35 points and N58.879 trillion, respectively, to 103,952.47 points and N58.775 trillion.

The day's losers were United Capital, which decreased the most, from N24 to N21.90, losing N2.10 or 8.75%. It was followed by UPDC, which decreased from N1.52 to N1.37, losing 15kobo or 9.87%; FTN Cocoa, which dropped from N1.75 to N1.61, losing 14kobo or 8%; and Livestock Feeds, which dipped from N1.79 to N1.65, shedding 14kobo or 7.82%.

GTCO, UBA, Zenith Bank, Access Holdings, and Fidelity Bank shares were most traded as stock investors in 8,689 deals, exchanged 374,410,701 shares worth N11.291 billion.