Investors’ demand for Seplat Energy Plc. 27 others lifted the Nigerian Exchange stock Limited (NGX) by N14bn on Tuesday to maintain its bullish momentum for this week.
The overall market capitalization value gained N14 billion to close at N26.184 trillion from N26.170trillion, as the NGX All-Share Index inched higher by 25.21 basis points or 0.05 percent to close at 48,568.57 points from 48,543.36 basis points it opened for trading.
The market gain was driven by price appreciation in large and medium capitalized stocks: Seplat Energy, Nigerian Breweries, Presco, UAC of Nigeria (UACN), and Flour Mills of Nigeria.
As measured by market breadth, market sentiment remained positive as 28 stocks gained relative to 23 losers. Academy Press recorded the highest price gain of 10 percent to close at N1.21 per share. Champion Breweries followed with a growth of 9.78 percent to close at N2.47, while MEYER Plc gained 9.77 percent to close at N2.81 per share.
Neimeth International Pharmaceuticals rose by 9.56 percent to close at N1.49, while eTranzact International appreciated by 9.43 percent to close at N2.90 per share. On the other hand, Multiverse Mining and Exploration led the losers’ chart by 8.70 percent to close at 21 kobos per share. International Breweries followed with a decline of 8.04 percent to close at N5.15, while Cadbury Nigeria declined by 7.74 percent to close at N7.75 per share.
Japaul Gold and Ventures shed 6.25 percent to close at 30 kobos, while Honeywell Flour Mills dipped by 4.88 percent to close at N3.70 per share.
The total volume of trades increased by 17.3 percent to 464.733 million units, valued at N7.010 billion, and exchanged in 6,468 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 123.820 million shares valued at N144.565 million. AIICO Insurance followed with 20.507 million shares worth N14.050 million, while Zenith Bank traded 19.445 million shares valued at N493.416 million.
FBN Holdings (FBNH) traded 18.453 million shares valued at N220.754 million, while Fidelity Bank transacted 18.148 million shares worth N69.054 million.
On market performance, analysts at Afrinvest Limited said, “In the next trading session, we anticipate a mild bearish tilt to be driven by profit taking activities.”
