Investors at the Nigerian Stock Exchange Gained N488 Billion in Thursday Trading

On Thursday, the Nigerian Stock Exchange Limited (NGX) finished positive with stock appreciation in Okomu Oil Plc and 49 other equities.

The NGX All Share Index gained 891.31 basis points, or 1.21%, to close at 74,289.02 basis points. At the close of Thursday's market, NGX's capitalization rose by N488 billion to close at N40.652 trillion.

The rise was driven by the appreciation of prices in large and medium-capitalized stocks, including Okomu Oil, MTN Nigeria Communications (MTNN), Transcorp Hotel, Multiverse Mining and Exploration, and FBN Holdings (FBNH).

As measured by market breadth, market sentiment was positive, as 50 stocks gained while 19 lost. 

Top Gainers: Industrial and Medical Gas Nigeria and Transnational Corporation (Transcorp) emerged as the top gainers, with a gain of 10% each to close at N9.35 and N8.47, respectively, per share. Multiverse Mining & Exploration and OKOMU Oil followed with an increase of 9.96% each to close at N12.70 and N263.90, respectively, with Infinity Trust Mortgage Bank following with 9.87% to close at N4.12 per share.

Top Losers: On the other side, John Holt led others on the losers’ chart with 10%  to close at N2.34 per share. Ellah Lakes followed with a decline of 9.94% to close at N2.90, while Tripple Gee & Company shed 9.66% to close at N2.15 per share. Regency Alliance Insurance followed with 8.11% to close at 34 kobo, while UAC of Nigeria (UACN) depreciated by 5.96% to close at N15.00 per share.

The total volume traded increased by 37.19% to 760.930 million units, valued at N 13.026 billion, and exchanged in 7,990 deals. Transactions in the shares of Abbey Morgage Bank led the activity, with 224.085 million shares worth N365.279 million. Access Holdings followed with 65.795 million shares valued at N1.523 billion, while Transcorp traded 65.305 million shares valued at N552.557 million.

United Bank for Africa (UBA) traded 45.979 million shares worth N1.198 billion, while Guaranty Trust Holding Company (GTCO) traded 43.593 million shares worth N1.744 billion.

According to analysts at Afrinvest Limited, the bullish rally is part of the Santa Claus rally phenomenon and was fueled by robust buying activity in major banking sector stocks as fund managers engaged in window dressing and investors selected fundamentally strong stocks toward the end of the trading year.

Be the first to comment!

You must login to comment

Related Posts