NGX ASI adds 1 per cent as investors earn N401.6bn

The local stock market reversed the previous day’s loss as investors’ interest in MTN Nigeria Communication pushed the All-Share Index 0.99 per cent higher to 74,502.58 basis points.

Consequently, the month-to-date and year-to-date returns increased to +4.4 per cent and +45.4 per cent, respectively.

As a result of the bullish trading outing at the Nigerian Exchange Limited (NGX) on Thursday, equities investors earned N401.63 billion as the market capitalization closed at N40.77 trillion.

Also, interests in Zenith Bank and Stanbic IBTC Holdings pushed the broader index into positive territory, as the value of these stocks appreciated by 0.53 per cent and 8.20 per cent, respectively.

As measured by market breadth, market sentiment was positive, as 34 tickers gained relative to 27 losers.

On the performance board, Ikeja Hotel and Multiverse topped the gainers’ list, having appreciated in share prices by 10.0 per cent, respectively, while UACN and John Holt recorded the highest losses of the day after their respective share prices dipped by 10.0 per cent and 9.7 per cent, respectively.

Sectoral performance remained positive as the Insurance, Consumer Goods, Oil/Gas, and Industrial indexes experienced gains of 2.07 per cent, 0.11 per cent, 0.02 per cent, and 1.10 per cent, respectively. The banking sector was the only laggard, as it declined by 0.22 per cent.

However, analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 56.20 per cent.

A total of 384.58 million shares valued at N5.67 billion were exchanged in 8,336 deals. Jaiz Bank led the volume chart with 49.40 million units traded, while Zenith Bank led the value chart with deals worth N1.06 billion.

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