The stock market of the Nigerian Exchange Limited (NGX) maintained its positive momentum for the third consecutive session on Thursday.
The market capitalization gained N46 billion as investors traded Guaranty Trust Holding Company Plc (GTCO) shares which gained 1.69 percent and Zenith bank 1.25 percent, to keep the market in positive terrain.
The gain recorded lifted the NGX All Share Index (ASI) by 85.15 basis points o 0.18 per cent to close at 48,223.86 basis points, the highest point since September 16, 2008.
Consequently, the overall market capitalisation value gained N46 billion to close at N25.998 trillion. The market in its Month and Year-to-Date returns increased to 2.7percent and 12.9percents, respectively.
Performance across sectors was broadly positive, as the NGX Oil & Gas appreciated by 1.6percent, NGX Banking gained 0.5percent, NGX Insurance gained 0.4 percent, NGX Consumer Goods added 0.2percent, and NGX Industrial Goods rose by 0.1percent.
As measured by market breadth, market sentiment was positive as 28 stocks gained relative to nine losers.
Berger Paints and Eterna recorded the highest price gain of 10 per cent each to close at N7.70 and N6.05 respectively, while Oando followed with a gain of 9.90 per cent to close at N5.33, per share.
MEYER Plc rose by 9.84 percent to close at N2.12, while Skyway Aviation Handling Company appreciated by 9.83 percent to close at N6.37, per share.
On the other hand, SCOA Nigeria led the losers’ chart by 9.77 percent to close at N1.94, per share. Associated Bus Company followed with a decline of 6.45 per cent to close at 29 kobos, while Neimeth International Pharmaceuticals depreciated by 3.55 per cent to close at N1.36, per share.
May & Baker Nigeria declined by 2.95 percent to close at N4.27, while AIICO Insurance depreciated by 1.45 percent to close at 68 kobos, per share.
Meanwhile, the total volume traded decreased by 30 percent to 244.694 million units, valued at N3.151 billion, and exchanged in 4,859 deals.
Transactions in the shares of Custodian Investment topped the activity chart with 38.704 million shares valued at N255.452 million. Oando followed with 19.488 million shares worth N101.332 million, while Fidelity Bank traded 17.291 million shares valued at N66.861 billion.
Nigerian Breweries traded 15.264 million shares valued at N733.006 million, while Transnational Corporation of Nigeria (Transcorp) transacted 13.888 million shares worth N14.019 million. Analysts at InvestmentOne research said, “The equities market closed northwards today due to the gains recorded across most sectors.
“Going forward, we expect investors’ sentiments to be swayed by the search for real positive returns and developments in the interest rate space.
“We reiterate that this may be a great period to pick up some quality names with a medium to the long-term investment horizon.”
