Local stock market halts negative trend as investors earn N25bn

Equities trading at the Nigerian Exchange Limited (NGX) on Thursday was impressive as the local bourse halted negative outing to close the fourth trading session of the week in the green region.

Basically, the All-Share-Index (ASI) settled at 49,652.25 basis points(bps) as against its previous close of 49,599.73bps having appreciated by 0.11 per cent.

This outing fixed both the month-to-date and year-to-date performance of the All-Share Index to -0.37 per cent and 16.24 per cent from their previous close of -0.40 per cent and 16.20 per cent respectively.

Investors, therefore, earned, N25 billion as the market capitalisation followed suit the direction of the ASI to stand at N26.782 trillion, representing a 0.11 per cent increase from the N26.753 trillion it stood at the end of the previous trading session.

Bulls’ camp took dominance over the market breadth with 20 counters in the gainers’ chart pitted against nine counters in the losers’ chart.

eTranzact gained 9.81 per cent to become the best-performing stock in the session, flanked by Ardova, Chams, Union Bank of Nigeria and FTN Cocoa as they populated the top five gainers’ chart. From the rear of the chart Vitafoam, Multiverse, Champion Breweries, African Prudential and Honeywell Flour Mills made the top five losers’ chart.

Key sectoral indices closed in the same direction as the ASI, save NGXCG and NGX Consumer Goods sectors which shed 0.01 per cent and 0.15 per cent respectively, while NGX Growth and NGX ASEM sectors closed flat.

Market activity as measured by the volume of trades improved in the session with daily traded volume standing at 161.882 million units, representing a 25.55 per cent uptick from a volume of 128.941 million units traded in the previous session.

The value of those traded stocks on the other hand dipped by 2.50 per cent in the session to stand at N1.626 billion as against a value of N1.668 billion recorded in the previous trading session.

Transcorp was the top traded stock by volume for the trading session, followed by Fidelity Bank, Sterling Bank, FCMB and United Bank for Africa (UBA) to complete the list of the five most traded stocks by volume.

With regard to the value of the traded stocks, MTN N took the lead of the top five performers flanked by Zenith Bank, Fidelity Bank, Guaranty Trust Bank Holding Company and UBA.

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