Midweek Gains Lift NGX Capitalisation By N64bn

The Nigerian Exchange’s overall capitalisation touched a new high after posting a modest N64 billion gain midweek.

The All-Share Index (ASI) gained 96.52 points, representing a gain of 0.04 per cent to close at 252,508.19 points. Also, market capitalisation rose by N64 billion to close at N161.839 trillion.

The upturn was driven by price appreciation in large- and medium-capitalised stocks, including MTN Nigeria Communications, UACN, Berger Paints Nigeria, Fidson Healthcare and BUA Cement.

On market outlook, Cowry Assets Management Limited stated that the market is expected to face mild headwinds following the previous day’s marginal gain, as tepid investor participation and an unconvincing breadth of activity suggest a possible pullback.

Investor sentiment, as measured by market breadth, closed positively, with 38 stocks advancing and 29 declining.

Daar Communications, Fidson Healthcare, Livestock Feeds and CWG emerged as the top price gainers, up 10 per cent each to close at N1.87, N113.30, N10.45 and N23.10, respectively, per share.

Berger Paints followed with a gain of 9.97 per cent to close at N140.10, while FTN Cocoa Processors and International Energy Insurance rose by 9.96 per cent each to close at N11.04 and N2.98 respectively, per share.

On the other side, NCR Nigeria led others on the losers’ chart with 10 per cent to close at N179.10, per share. Zichis Agro Allied Industries followed with a decline of 9.99 per cent to close at N36.32, while First Holdco declined by 9.87 per cent to close at N71.20, per share

Neimeth International Pharmaceuticals shed 9.66 per cent to close at N10.75, while Eterna lost 9.59 per cent to close at N33.00, per share.

However, the total volume traded dipped by 6.69 per cent to 1.683 million units, valued at N109.439 billion, and exchanged in 76,557 deals. Transactions in the shares of First Holdco led the activity with 564.135 million shares worth N43.613 billion. United Bank for Africa (UBA) followed with account of 167.244 million shares valued at N6.980 billion, while Access Holdings traded 2.709 billion shares valued at N362.998 million.

Fidelity Bank traded 96.033 million shares worth N2.096 million, while Wema Bank traded 69.965 million shares worth N2.467 billion.