Business
THE Nigerian Exchange Ltd. (NGX) market capitalisation opened on a positive note on Monday, recording N57 billion gain.
Specifically, the market capitalisation, which opened at N56.578 trillion, added 0.10 per cent to close at N56.635 trillion.
The All-Share Index also advanced by 0.10 per cent or 130.11 points, to close at 98,558.79, having opened at 98,458.68.
Consequently, the Year-To-Date (YTD) return rose by 31.81 per cent.
Investors interest in Tier-one banking stocks, namely, Guaranty Trust Holding Company(GTCO), Zenith Bank, United Bank For Africa(UBA), Access Corporation, among other advanced equities drove the market up.
Market breadth also closed positive with 32 gainers and 23 losers.
On the gainers’ chart, Abbey Mortgage Bank, Africa Prudential and Secure Electronic Technology led by 10 per cent each to close at N2.75, N9.90 and 66k per share, respectively.
Triple G gained 9.93 per cent to close at N4.54 and Deap Capital Management and Trust Plc went up by 9.91 per cent to close at N1.22 per share.
Conversely, Ellah Lakes led the losers’ chart by 9.96 per cent to close at N4.43, Neimeth trailed by 9.81 per cent to close at N1.93 per share.
Academy Press dropped 9.78 per cent to close at N4.43, Caverton lost 9.70 per cent to close at N2.42 and UPL shed 8.44 per cent to close at N2.17 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 1,576.22 per cent.
A total of 1.86 billon shares valued at N111.58 billion were exchanged in 10,583 deals, compared with 797.21 million shares valued at N6.66 billion traded in 7,764 deals.
Guiness led the activity chart in volume and value with 1.27 billion shares worth N103.87 billion.
The News Agency of Nigeria(NAM) recalls that Guinness’ Board of Directors, on Friday, confirmed that the sale of Diageo’s majority stake to Tolaram was progressing smoothly, hence, investors renewed interest on the stock.
The much-anticipated deal is a significant shift in the company’s direction after decades of majority ownership by Diageo.
The transaction involves the sale of Diageo’s 58.02 per cent stake in Guinness Nigeria to Tolaram, a move that was first announced in June.(NAN)
A.I
Oct. 1, 2024
Tags: NGX
