Equities trading session on the floor the Nigerian Exchange Group, NGX sustained its positive momentum on Thursday as the market capitalization of listed stocks advanced further with N833 billion in value.
The day’s bargain hunting and profit-taking activities led to 1,316.79 basis points or 1.02% increase on the NGX All-Share Index to close at 130,283.87 points compared to the 128,967.08 of the previous day.
Similarly, investors gianed N833 billion on the he market capitalization to close at N82.417 trillion higher than the N81.584 trillion recorded on Wednesday.
The Exchange clinched further on its northward movement due to the recently released inflation points to possible rate cut at the Monetary Policy Committee (MPC) next week.
The equities market is also bullish as investors continue to reroute funds from the fixed income (FI) market, particularly as the moderating rate of the treasury bills (T-bills) is making investors rethink in favour of equities.
This is also coming as many investors are positioning ahead of half year (H1) earnings season in expectation of interim dividend payment by the regular companies.
The equities market has risen this year by 26.58 percent majorly driven by consumer goods, banking and insurance stocks while oil & gas stocks have seen remarkable profit taking by investors.
On price movement, 30 equities appreciated relative to 47 decliners.
BUA Cement emerged top on the gainer’s table with a 10% profit on its share price to close at N112.20k, followed by Dangote Cement with a 9.99% gain to close at N473.30k; then CHAMS recorded a 9.96% profit on its share price to close at N3.09k.
Conversely, FG192038S2 led the losers table with a 17.0% decline to close at N83.00k.
HMCALL, MECURE, BERGER, JOHN HOLT, MAYBAKER, and RTBRISCOE witnessed a 10% drop on their respective share prices to close at N4.68k, N11.70k, N33.75k, N9.00k, N15.30k and N3.42.
FTNCOCOA followed with a 9.97% loss to close at N6.32k while ACADEMY share price dropped but 9.96% to close at N7.50k.
A total of 1,193,193,643 units of shares exchanged hands in 37,418 deal.
Victoria Ibanga