The Nigerian Exchange Limited (NGX) resumed in a positive mood yesterday as investor wealth increased by N137 billion as a result of renewed bargain hunting in MTN Nigerian and 32 companies.

At the end of yesterday’s trading, the all-share index (ASI) rose by 250.75 absolute points, representing an increase of 0.49 percent, to settle at 51,606.49 points, while the market capitalization as a whole increased by N137 billion to reach N28.1 trillion.

Price increases in major and medium capitalized equities, including MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, Unilever Nigeria, Berger Paints, and Access Holdings, were the primary factor behind the market rise.

Market mood improved as indicated by market breadth, with 33 equities rising in value opposed to nine declining ones. The company with the largest price increase, Japaul Gold & Ventures, rose 10% to settle at 33 kobo.

Berger Paints gained 9.87 percent to settle at N8.35 kobo, and Honeywell Flour Mills added 9.91 percent to conclude at N2.55. TransNational Corporation increased by 9.8% to close at N2,69, and Ikeja Hotel increased by 9.35% to finish at N1.52 kobo.

To conclude at N1.52 kobo, Ikeja Hotel gained 9.35 percent. Champion Breweries increased 9.26% to finish at N4.84 kobo. To closing at 29 kobo, FTN Cocoa increased by 74.1%.

To close at N4.08 kobo, First City Monument Bank earned 7.09 percent. Accesscorp increased 7.07% to finish at N10.60 kobo. Unilever also increased, closing at N13.5 kobo after rising 6.72 percent.

Wapic Insurance, on the other hand, topped the losers’ table by 7.32% to settle at 38 kobo. While RT Briscoe saw a 4% decrease to close at 24 kobo, Nigerian Exchange Group experienced a 4.89% decline to conclude at N25.30 kobo.

Royal Exchange fell by 3.17 percent to settle at 61 kobo, while AIICO Insurance lost 3.64 percent to close at 53 kobo. To close at 61 kobo, Royal Exchange Assurance saw a 3.17 percent decline. To finish at N5.63 kobo, Fidelity Bank saw a 2.93 percent decline. To settle at N11, FBN Holdings suffered a 1.79 percent loss. PZ Cussons similarly lost 84% of its value to end at N11.80 kobo.

Following with 217.419 million shares valued at N2.313 billion, Access Holdings was the next to trade, then Fidelity Bank exchanged 30.7 million shares for N175.789 million. United Bank for Africa (UBA) traded 18.212 million shares for N143.6 million, while Zenith Bank traded 27.553 million shares worth N608.8 million.

The overall number of trades grew by 247.9%, to 6,404 transactions totaling 2.090 billion units worth N8.849 billion. Transnational Corporation (Transcorp) share transactions, totaling 1.66 billion shares valued at N4.093 billion, topped the list of activities.



Moralist Festus
Moralist Festus
Moralist Festus is a writer, journalist, and newswriter at Business World Africa, where he focuses on delivering Business News in Africa. Also, he has keen passion for artificial intelligence, and philosophy.

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