The Nigerian Exchange (NGX) is rising due to bargain hunters after the local market posted a N305 billion weekly loss the previous week. Stock market capitalization increased by N137 billion to close at N28.1 trillion, up from N27.963 trillion at the end of the previous trading session on Thursday as a result of several bellwether stocks recovering losses.
The All-Share Index increased by 250.75 points, or 0.49 percent, to close at 51,606.49 points from the level it reached on Thursday of 51,355.74 points. Price increases in major and medium capitalized equities, including MTN Nigeria Communications, Stanbic IBTC Holdings, Unilever Nigeria, Berger Paints, and Access Holdings, were the primary factor behind the market rise.
On Tuesday, 33 equities saw price increases while only nine had value declines. The company with the largest price increase, up 10% to finish at $33,000 per share, was Japaul Gold & Ventures. Following closely after, Honeywell Flour Mills increased by 9.91% to end at N2.55, and Berger Paints increased by 9.87% to conclude at N8.35 per share.
Ikeja Hotels increased by 9.35% to end at N1.52 per share, while Transcorp increased by 9.8% to conclude at N2.69 per share. Wapic Insurance, which fell by 7.32% to settle at 38k per share, topped the list of losers.
Nigerian Exchange Group closed at N25.30 with a loss of 4.89 percent, while RT Briscoe lost 4 percent to end at 24k per share. AIICO Insurance shed 3.64 per cent to close at 53k per share, while Royal Exchange Assurance dipped by 3.17 per cent to close at 61k per share. Today, total volume of trade increased by 247.9 per cent to 2.09 billion units, valued at N8.849 billion, and exchanged in 6,404 deals.
Transactions in the shares of Transcorp topped the activity chart with 1.66 billion shares valued at N4.093 billion. Access Holdings followed with 217.419 million shares worth N2.313 billion, while Fidelity Bank traded 30.706 million shares valued at N175.789 million.
Zenith Bank traded 27.553 million shares valued at N608.809 million, while United Bank for Africa transacted 18.212 million shares worth N143.601 million.
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