Zenith Bank Tops Trading As Hospitality, Manufacturing Shares Fuel NGX Rise  

The All-Share Index (ASI), one of the performance indices of the Nigerian Exchange Ltd. (NGX), witnessed a rise of 271.19 points or 0.36 percent on Friday, closing at 74,773.77, as opposed to the 74,502.58 recorded on Thursday.

Simultaneously, the market capitalisation increased by N148 billion or 0.36 per cent, concluding at 40.924 trillion compared to the N40.776 trillion recorded on Thursday. Consequently, the Year-to-Date (YTD) return surged to 45.9 per cent.

The positive performance was attributed to increased share sales from Tier-one banks, telecommunication companies, five-star hotels, and manufacturing firms.

Zenith Bank led the traders’ volume chart with 28.89 million units traded, while Geregu led the value chart with deals worth N7.22 billion.

Learn Africa and Transcorp Hotel topped the traders’ chart, each gaining 10 per cent to close at N3.19 and N70.18 per share, respectively. Multiverse Mining and Exploration followed closely, increasing by 9.95 per cent and closing at N18.57 per share. Abbey Mortgage Bank gained 9.90 per cent to close at N2.22, while IMG rose by 9.8 per cent to close at N13.45 per share.

On the losers’ chart, SUNU Assurances led in percentage terms with a 5.17 per cent decline, closing at N1.10 per share. FTNCOCOA Processors followed, depreciating by 4.52 per cent to close at N1.48, and Nigerian Aviation Handling Company (NAHCO) declined by 4.51 per cent, settling at N25.40 per share. Tantalizer lost 4.08 per cent, closing at 47k, while Sterling Nigeria declined by 3.16 per cent, closing at N4.29 per share.

Analysts at Vetival Securities Ltd. remarked, “It has been an impressive run in the equity market this year, with a YTD return of 45.90 per cent. We anticipate the positive sentiments to carry forward into early next year as investors continue to position themselves in the expected growth sectors.”
(NAN)