The increasing appetite for interim dividend-paying stocks has continued to propel transactions across all sectors on the Nigerian Exchange Limited (NGX), as investors’ wealth soared by N147 billion in three trading days.
Specifically, the market capitalisation, which stood at N19.923 trillion when the market reopened for trading on Monday, rose by N147 billion to close at N20.070 trillion yesterday.
In the same vein, All Share Index (ASI), which measures the performance of, listed equities also appreciated by 281.3 points or 0.7per cent to 38,501.31 from 38,220.01 at which it opened on Monday.
Reacting on market performance, Vetiva Dealings and Brokerage, said: “With bullish sentiment appearing to hold sway in the market at present, we expect to see increased activity levels across sectors with continued demand in the banking stocks. However, we might see profit-taking in some of the names that have gained in recent sessions.”
Afrinvest Research said: “In the coming trading session, we expect the positive performance to be sustained as investors take a position in relatively cheap stocks ahead of the earnings season.”
Yesterday’s market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are Guaranty Trust Bank Holding Company, Dangote Sugar Refinery, Lafarge, Cutix and Custodian Investment.
Also, market sentiment was positive as 22 stocks recorded price appreciation while 13 others constituted the losers’ chart. Cutix recorded the highest price gain of 10 per cent to close at N3.63 kobo.
John Holt followed with a gain 9.84 per cent to close at 67 kobo. UACN Property Development Company rose by 9.71 per cent to close at N1.13 kobo.
Tripple Gee & Company appreciated by 8.33 per cent to close at 91 kobo while Wapic Insurance gained 5.36 per cent to close at 59 kobo.
On the other hand, BOC Gases led the losers’ chart with 9.94 per cent to close at N7.70 kobo. Berger Paints Nigeria followed with a decline of 9.64 per cent to close at N8.90 kobo.
Courteville Business Solutions shed 4.55 per cent to close at 21 kobo. Japaul Gold and Ventures shed 3.92 per cent to close at 49 kobo, while Unity Bank depreciated by 3.51 per cent to close at 55 kobo.
The total volume of trades increased by 2.5 per cent to 296.099 million units, valued at N2.562 billion and exchanged in 4,507 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 34.838 million shares valued at N265.090 million.
Access Bank followed with 28.694 million shares worth N271.735 million, while Zenith Bank traded 27.729 million shares valued at N689.155 million.
Fidelity Bank traded 24.742 million shares valued at N57.423 million, while Transnational Corporation of Nigeria (Transcorp) transacted 23.928 million shares worth N2.135 million.