Market Gains 0.16% on Buying Interests in Access Bank, Others

By Dipo Olowookere

Buying interests in Access Bank, Presco, MTN Nigeria and 18 others further pushed the Nigerian Exchange (NGX) Limited higher on Thursday by 0.16 per cent.

It was observed that investors picked special interest in stocks with strong fundamentals and this supported the gains posted by the market yesterday despite a decline in the activity level.

The trading volume shrank by 22.23 per cent to 261.6 million stocks from 336.3 million stocks, the trading value decreased by 23.59 per cent to N4.5 billion from N5.9 billion, while the number of deals declined by 10.98 per cent to 4,672 deals from 5,248 deals.

Data showed that Cutix sold the highest number of equities at the exchange yesterday, closing with a turnover of 31.8 million stocks valued at N75.7 million.

Access Bank transacted 15.4 million shares worth N155.5 million, FCMB exchanged 15.1 million stocks for N51.0 million, Fidelity Bank sold 14.9 million equities worth N44.1 million, while Zenith Bank transacted 14.3 million shares valued at N379.8 million.

Apart from the consumer goods sector which lost 0.56 per cent and the industrial goods counter which closed flat, every other sector ended in the green territory on Thursday.

The energy counter appreciated by 1.21 per cent, the insurance index gained 0.88 per cent, while the banking sector improved by 0.37 per cent.

The performances of the trio consequently lifted the All-Share Index (ASI) by 76.89 points to 47,363.98 points from the previous day’s 47,287.09 points and jerked up the market capitalisation by N42 billion to N25.527 trillion from N25.485 trillion.

Business Post reports that the market breadth remained positive yesterday with 21 price gainers and 20 price losers.

RT Briscoe topped the gainers’ table with a price growth of 9.84 per cent to sell for 67 kobo, UAC Nigeria also grew by 9.84 per cent to close at N10.05, Oando appreciated by 8.83 per cent to N5.30, Presco rose by 8.74 per cent to N125.00, while Neimeth appreciated 7.27 per cent to N1.77.

On the flip side, Royal Exchange finished the session as the heaviest price loser, declining by 9.46 per cent to sell for N1.34, followed by ABC Transport, which declined by 8.57 per cent to settle at 32 kobo.

May & Baker lost 6.31 per cent to trade at N4.60, Transcorp went down by 5.22 per cent to close at N1.09, while Courteville depreciated by 4.92 per cent to 58 kobo.