Market cap hits N27trn, as NGX ASI crosses 50,000 basis points

Opening the holiday shortened week on Wednersday, the equities market of the Nigerian Exchange Limited (NGX) resumed trading on a positive trend as the market capitalisation hit N27 trillion.

The NGX All Share Index (ASI) rose by 487.47 basis points or 0.98 per cent to close at  50,126.41 basis points, while the overall market capitalisation value gained N263 billion to close at N27.024 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Presco, Guinness Nigeria, BUA Cement and Nigerian Breweries.

Market sentiment, as measured by market breadth closed positive as 31 stocks gained, relative to 27 losers.  Okomu Oil and Wema Bank recorded the highest price gain of 10 per cent each to close at N161.70 and N3.85 respectively, per share. Nigerian Breweries followed with a gain of 9.98 per cent to close at N62.80, while Eterna and Presco appreciated by 9.97 per cent each to close at N6.62 and N157.70 respectively, per share.

On the other hand, Oando led the losers’ chart by 10 per cent to close at N5.67, per share. Trans-Nationwide Express followed with a decline of 9.88 per cent to close at 73 kobo, while AXA Mansard Insurance depreciated by 7.79 per cent  to close at N2.25, per share.

Ikeja Hotel declined by 7.14 per cent to close at N1.30, while Cutix depreciated by 6.15 per cent to close at N2.29, per share.

However, the total volume of trades decreased by 89.55 per cent to 669.299 million units, valued at N5.989 billion, and exchanged in 7,251 deals. Transactions in the shares of Union Bank of Nigeria (UBA) topped the activity chart with 263.647 million shares valued at N166.099 million. Transnational Corporation of Nigeria (Transcorp) followed with 74.058 million shares worth N86.724 million, while AIICO Insurance traded 31.031 million shares valued at N24.721 million.

Chams traded 28.926 million shares valued at N66.531 million, while Access Holdings transacted 23.805 million shares worth N229.513 million.