Finance

Banking stocks, MTN drive bullish run on NGX

Banking stocks, MTN drive bullish run on NGX

The Nigerian Exchange Limited, on the first day of trading this week, opened on a bullish note as investors gained N70bn.

The trend of the local bourse was primarily driven by the stocks of AccessCorp, United Bank for Africa, Zenith Bank, First Bank of Nigeria Holdings and MTN Nigeria.

The All-Share Index closed in the green by 0.18 per cent, the same percentage as the value added to the market capitalisation. ASI closed the day at 71,669.91 points and the market capitalisation stood at N39.218tn.

At the close of the market, transaction volume increased to 375.32 million units from 503.84 million trades valued at N3.8bn from 7,011 deals. The number of stocks that investors traded during the session stood at 121.

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Market breadth which is the measure of investors’ sentiments, was positive resulting in 30 gainers and 23 losers. Gainers include SFS Real Estate Investment Trust, which gained 9.98 per cent to close at N101.35 per unit, and Ecobank Transnational Corporation, 9.88 per cent to close at N22.80.

Other stocks which recorded price appreciation were DEAP Capital  Management & Trust Plc which gained 9.84 per cent to close at N0.67 per unit, SCOA Nigeria Plc, 9.63 per cent to close at N1.43 per cent and Infinity Trust Mortgage Bank, 9.60 per cent to close at N1.94 per unit.

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On the flipside was RT Briscoe which sheds 9.68 per cent to close at N0.56 per unit. Secure Electronic Technology Plc’s shares lost 9.33 per cent to close at N0.68 while NEM Insurance Plc lost 9.32 per cent to close at N0.55.  Other losers of the day were Northern Nigeria Flour Mills, 8.44 per cent to close at N35.25 per unit and UPDC Real Estate Investment Trust, 8 per cent to close at N4.60 per unit.

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Banking stocks were major drivers of trade in terms of volume and value, with  AccessCorp exchanging 30.36 million units of its shares for N612m in 504 deals. Zenith Bank followed with N446m worth of its shares exchanged in 356 trades. Investors bought 9.99 million units of GTCO shares for N391m, while UBA saw 12.87 million units worth N291.32m exchanged in 419 deals.

Telco giant MTN Nigeria had 1.07 million units of its shares valued at N256m traded in 279 deals.

Punch

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