Opening for trading this week, the stock market of the Nigerian Exchange Limited (NGX) extended last week positive performance as the benchmark index closed 0.20 per cent stronger on investors’ buy interests in BUA Foods Plc and 13 others.
The NGX All Share Index (ASI) rose by 98.67 basis points, or 0.20 per cent to close at 49,414.96 basis points, while investors gained N54 billion in value as market capitalisation went up to N26.915 trillion.
As measured by market breadth, market sentiment was positive, as 14 stocks gained relative to 10 losers. Thomas Wyatt Nigeria recorded the highest price gain of 8.77 per cent to close at 62 kobo, per share. International Breweries followed with a gain 5.81 per cent to close at N4.55, while Pharma-Deko went up by 5.00 per cent to close at N2.10, per share.
LivingTrust Mortgage Bank went up by 4.90 per cent to close at N1.50, while Caverton Offshore Support Group appreciated by 3.45 per cent to close at 90 kobo, per share. On the other hand, PZ Cussons Nigeria led the losers’ chart by 7.26 per cent to close at N11.50, per share. Chams followed with a decline of 4.35 per cent to close at 22 kobo, while UPDC Real Estate Investment Trust (UPDCREIT) went down by 3.33 to close at N2.90, per share.
FTN Cocoa processors lost 3.23 per cent to close at 30 kobo, while Africa prudential shed 2.73 per cent to close at N5.35, per share.
However, the total volume traded declined by 26 per cent to 76.749 million units, valued at N1.326 billion, and exchanged in 3,262 deals. Transactions in the shares of GTCO topped the activity chart with 16.606 million shares valued at N352.214 million. United Bank for Africa (UBA) followed with 7.589 million shares worth N55.944 million, while Chams traded 4.152 million shares valued at N914,632.
Consolidated Hallmark Insurance traded four million shares valued at N2.440 million, while Zenith Bank transacted 3.776 million shares worth N90.676 million.
Projecting the market performance this week, analysts at United Capital Plc anticipated profit booking activities from short-term investors as they seek to close out positions in strong- performing stocks in the past weeks as bullish momentum shows signs of stuttering, saying “lso, portfolio rebalancing is another key activity to watch out for from investors as we approach the end of the year.”
SOURCE: THISDAY
