Equities market advances by N229bn on investors demand for GTCO, 46 others

The equities market section of the Nigerian Exchange Limited (NGX) on Monday opened the trading week on a positive note, as market capitalisation advanced by N229 billion.

The NGX All-Share Index rose by 363.57 basis point or 0.34 per cent, to close at 106,116.18 basis points.

Similarly, the overall market capitalisation value gained N229 billion to close at N66.694 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Guaranty Trust Holding Company (GTCO), Eterna, Nigerian Aviation Handling Company (NAHCO), Vitafoam Nigeria and Cadbury Nigeria.Looking forward,

Market breadth was strong, with 47 gainers outpacing 16 decliners. International Breweries followed with a gain of 10 per cent to close at N8.47, per share.

Legend Internet grew by 9.97 per cent to close at N7.50, while Cadbury Nigeria rose by 9.96 per cent to close at N29.25, per share.

Fidson Healthcare appreciated by 9.95 per cent to close at N20.45, while Eterna rose by 9.90 per cent to close at N43.85, per share.

On the other hand, Livestock Feeds led the losers’ chart by 10 per cent to close at N8.55, per share.

Aradel Holdings followed with a decline of 9.86 per cent to close at N448.00, while Tripple Gee & Company shed 9.60 per cent to close at N1.79, per share.John Holt shed 7.94 per cent to close at N5.80, while Linkage Assurance lost 6.15 per cent to close at N1.22, per share.

Also, the total volume of trade increased by 16.94 per cent to 500.595 million units, valued at N12.111 billion, and exchanged in 17,637 deals. Transactions in the shares of Access Holdings topped the activity chart with 60.867 million shares valued at N1.449 billion.

Fidelity Bank followed with 56.106 million shares worth N1.127 billion, while United Bank for Africa (UBA) traded 34.52 million shares valued at N1.175 billion.GTCO traded 33.45 million shares valued at N2.181 billion, while Nigerian Breweries (NB) transacted 28.337 million shares worth N1.149 billion.

Analysts at Afrinvest Limited in a statement said, “we expect the positive performance to be sustained on the bourse, driven by improved sentiment.”