NGX benchmark index recovers from downward trend, grows by 0.43%

Salamatu Ejembi, Lagos

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Trading of Equities on the floor of the Nigerian Exchange Limited, NGX recovered from its downward trend on Tuesday when the benchmark index grew 0.43%.

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The All-Share Index appreciated by 288.19 basis points or 0.43% to close at 67,326.12 basis points from the 67,037.93 basis points seen in yesterday’s session.

Similarly, the Market Capitalisation appreciated by 0.43% or 195 ₦billion to settle at ₦36,989 trillion from Monday’s ₦36,830 trillion.

By the close of business, investors traded 377.97 million units of shares, valued at ₦5.17 billion, and exchanged in 6,729 deals. Where E-TRANZACT INTERNATIONAL PLC was the most traded stock by volume at 44.07 million units, and UNITED BANK FOR AFRICA PLC was the most traded stock by value at ₦796.36 million.

Today’s market positive performance was fostered by bargain hunting activities in Tier-1 Banking Names; ZENITH BANK PLC(+2.64%), GUARANTY TRUST HOLDING COMPANY PLC (+1.15%) ACCESS HOLDINGS PLC(+4.95%) and STANBIC IBTC HOLDINGS PLC (+5.56%) alongside gains in DANGOTE SUGAR REFINERY PLC (+3.83%).

These gains outweighed the losses in NIGERIAN BREWERIES PLC (-7.38%), ECOBANK TRANSNATIONAL INCORPORATED (-1.30%) and PRESCO PLC (-0.55%) to keep the market bullish.

As measured by market breadth, market sentiment was positive with 27 advancing issues outnumbering 22 declining ones.

On top of the gainers chart is JULIUS BERGER NIG. PLC with an opening price of ₦33.00 per share and a closing price of ₦36.30k per share, gaining ₦3.30k or 10.00%.

CWG PLC was next with a 0.85k or 9.83% gain to close at ₦9.50k per share from ₦8.65k per share.

And CHAMPION BREW. PLC occupied the third place rising from ₦3.38k per share to ₦3.71k per share by 0.33k or 9.76%.

On the flip side however, MULTIVERSE MINING AND EXPLORATION PLC led the laggard’s log with a drop from ₦2.95k per share to ₦2.67k per share, losing 0.28k or 9.49%.

UNITY BANK PLC trailed with a decline in price from ₦1.00 per share to 0.91k per share by 0.09k or 9.00%.

While ELLAH LAKES PLC. depreciated from ₦4.35k per share to ₦44.00per share, losing 0.35k or 8.05%.

Analysing across the sectors, the Banking (+2.8%), Insurance (+0.2%), and Industrial Goods (+0.1%) indices recorded gains, while the Oil & Gas and Consumer Goods indices closed flat.