NGX Gains N57 Billion After Eight Consecutive Loss to Defy Market Analyst's Predictions

The Nigerian Stock Market closed its eighth consecutive loss with an N57 billion win, which can be attributed to investors' demand for FBN Holdings (FBNH) Plc and 16 others.

The NGX All-Share Index (ASI) gained 100.55 points, representing a gain of 0.10%, to close at 99,908.89 points. Also, market capitalisation rose by N57 billion to close at N56.505 trillion.

The upturn was driven by price appreciation in large and medium-capitalised stocks, including FBNH, Fidelity Bank, Ikeja Hotel, Access Holdings, and Morison Industries.

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As measured by market breadth, market sentiment was negative, as 27 stocks lost relative to 17 gainers. 

Top Gainers: Ikeja Hotel led with 10% to close at N7.26 per share. Followed by Fidelity Bank, which closed at 9.88% each, at N8.90, while Academy Press rose by 9.77% to close at N1.91 per share. Morison Academy appreciated 9.71% to close at N3.39, while Prestige Assurance appreciated 9.26% to close at 59 kobo per share. 

Top Losers: Livestock Feeds led the chart with a 10% decline to close at N1.44 per share. International Energy Insurance followed with a 9.79% decline to close at N1.29, while CWG shed 9.79% to close at N6.45 per share.

FTN Cocoa Processors depreciated by 9.72% to close at N1.30, while Africa Prudential dipped by 9.42% to close at N6.25 per share.

The total volume traded decreased by 20.11% to 322.656 million units, valued at N5.820 billion, and exchanged in 9,074 deals. Transactions in United Bank for Africa (UBA) shares led the activity with 55.013 million shares worth N1.284 billion. Zenith Bank followed with 47.03 million shares valued at N1.691 billion, while Access Holdings traded 44.986 million shares valued at N789.622 million.

Universal Insurance traded 21.25 million shares worth N7.867 million, while Transnational Corporation (Transcorp) traded 15.922 million shares worth N211.402 million.

On Monday, the Nigerian stock market opened this week with a continuation of bearish sentiment. The benchmark indices at the Nigerian Exchange (NGX) indicated an average decline of 0.53%, equivalent to net capital depreciation of N304 billion.

It was reported that the NGX All Share Index (ASI), the value-based common index that tracks all share prices at the NGX, dropped from its opening index of 102,314.56 points to close at 101,777.12 points. The aggregate market capitalisation of quoted equities declined from its opening value of N57.865 trillion to close at N57.561 trillion.