Transactions on the equities sector of the Nigerian Exchange Limited (NGX) reopened in an upbeat yesterday, as positive sentiments in the shares of many blue-chip companies, especially PZ Cussons and Mutual Benefits Assurance lifted market capitalisation by N27 billion.
Specifically, at the close of transactions yesterday, the All-Share Index (ASI) grew by 51.48 absolute points, representing a rise of 0.12 per cent, to close at 41,814.74 points. Similarly, the value of market capitalisation rose by N27 billion to close at N21.821 trillion.
The improved performance was driven by price appreciation in large and medium capitalised stocks that include Airtel Africa, Total Nigeria, Unilever Nigeria, PZ Cussons Nigeria and Guinness Nigeria.
Analysts at United Capital Plc said: “We remain upbeat about market performance and investor sentiment as we expect market participants to continue cherry-picking fundamentally sound stocks, while also positioning for full year, 2021 dividends.”
Vetiva Dealings and Brokerage said: “We expect the market to continue to trade largely in line with the Q3 earnings report like we saw in the consumer goods space as well as African Prudential, while also cherry picking attractive counters across board.”
Furthermore, the market breadth closed positive as 28 stocks appreciated in price while 20 others constituted the losers, chart. PZ Cussons Nigeria recorded the highest price gain of 9.32 per cent to close at N6.45 kobo. Mutual Benefits Assurance followed with a gain of 7.14 per cent to close at 30 kobo. Unilever Nigeria went up 6.90 per cent to close at N15.50 kobo.
AXA Mansard Insurance appreciated by 6.49 per cent to close at N2.46 kobo. Cutix added 5.79 per cent to close at N6.40 kobo.
On the other hand, Abbey Mortgage Bank led the losers’ chart with 9.47 per cent to close at 86 kobo. Prestige Assurance followed with a decline of 8.55 per cent to close at 43 kobo while Regency Alliance Insurance shed 7.32 per cent to close at 38 kobo.
CI Leasing declined by 6.38 per cent to close at N4.40 kobo while Nigerian Exchange Group (NGXGroup) shed 6.36 per cent to close at N20.60 kobo.
Also, the total volume of trades rose by 32.21 per cent to 674.499 million units, valued at N7.592 billion, and exchanged in 5,432 deals.
Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 350.542 million shares valued at N4.346 billion. Ecobank Transnational Incorporated (ETI) followed with 45.643 million shares worth N347.799 million.
Universal Insurance traded 33.915 million shares valued at N6.783 million. Transnational Corporation of Nigeria (Transcorp) traded 32.577 million shares valued at N33.205 million, while Guaranty Trust Holding Company (GTCO) transacted 21.476 million shares worth N614.370 million.