NGX Records N141bn Gain As Investors Target Banking, Telecom Stocks

The Nigerian equities market closed on a positive note yesterday, recording a gain of N141 billion as bullish momentum extended to a second consecutive trading session, driven by buying interest in select banking, telecommunications and consumer goods stocks.

The All-Share Index (ASI) rose by 219.87 points, representing an increase of 0.11 per cent, to close at 200,925.75 points. Market capitalisation also appreciated by N141 billion to settle at N128.977 trillion.

The uptrend was supported by gains in medium and large capitalised stocks including MTN Nigeria Communications (MTNN), Guaranty Trust Holding Company (GTCO), NASCON Allied Industries, Premier Paints and PZ Cussons Nigeria.

Commenting on the market performance, analysts at Imperial Asset Managers Limited noted that investor sentiment remained cautiously optimistic.

“Overall, the session reflects sustained but cautious investor interest, with selective buying observed in fundamentally sound and mid-cap stocks, while profit-taking persisted in some banking and growth stocks,” the firm said.

Market breadth closed slightly negative, with 32 decliners marginally outweighing 31 gainers.

Legend Internet recorded the highest price gain of 10 per cent to close at N7.26, followed by Zichis Agro-Allied Industries and Premier Paints, which appreciated by 9.93 per cent each to close at N11.40 and N31.00, respectively.

John Holt gained 9.79 per cent to close at N15.70, while Consolidated Hallmark Insurance advanced by 6.26 per cent to close at N5.26 per share.

On the losers’ chart, Fidson Healthcare led with a 9.97 per cent decline to close at N94.85 per share. Austin Laz & Company followed with a drop of 9.89 per cent to close at N4.01, while LivingTrust Mortgage Bank fell by 7.08 per cent to close at N4.46 per share.

Secure Electronic Technology depreciated by 7.04 per cent to close at N1.32, while Sterling Financial Holdings Company declined by 5.56 per cent to close at N7.65 per share.

Meanwhile, total volume traded declined by 58.34 per cent to 236.487 million units valued at N9.991 billion, exchanged in 20,919 deals.

Transactions in the shares of Access Holdings topped the activity chart with 266.788 million shares valued at N6.022 billion. GTCO followed with 184.376 million shares worth N19.393 billion, while Wema Bank traded 182.483 million shares valued at N4.779 billion.

United Bank for Africa (UBA) recorded 119.050 million shares valued at N5.752 billion, while Zenith Bank traded 42.706 million shares worth N4.574 billion.