Business
THE Nigerian Exchange Ltd. (NGX) started the week on a positive note as market capitalisation increased by N16 billion, representing a 0.03 per cent gain on Monday.
Specifically, the market capitalisation, which stood at N59.215 trillion at the opening, closed at N59.231 trillion.
Similarly, the All-Share Index (ASI) edged up by 25 points or 0.03 per cent, closing at 97,747.27, compared to 97,722.28 recorded on Friday.
This uptick pushed the Year-To-Date (YTD) return to 30.72 per cent, underlining sustained investor confidence.
The performance was driven by increased interest in top equities such as Zenith Bank, United Bank for Africa (UBA) and Oando Plc.
Market breadth closed on a positive note, with 28 gainers and 22 losers.
JohnHolt led the gainers table by 77k to close at N8.49, Eunisell followed with N1.19 to close at N13.18, Beta Glass gained N4.50 to close at N49.85 per share.
Wapco also increased by N4 to close at N46, while Tantalizers went up by 7k to close at 82k per share.
Conversely, Mecure led the losers’ table by N1.25 to close at N11.70, The Initiate Plc trailed by 23k to close at N2.30 per share.
Thomas Wyatt declined by 17k to close at N1.75, UPL shed 31k to close at N3.65 and Champion Breweries dropped 26k to close at N3.52 per share.
However, on the market activities, trade turnover settled lower relative to the previous session, with the value of transactions down by 21.15 per cent .
A total of 413.35 million shares valued at N5.34 billion were exchanged in 9,004 deals, compared with 295.19 million shares valued at N6.77 billion traded in 8,433 deals, posted in the previous session.
Japaul Gold led the activities chart in volume with 179.10 million shares, while Access Corporation led in value of deals worth N775.55 million.
Meanwhile, in a prediction of the market’s performance for the week, analysts at Cowry Asset Management said that continued tug-of-war between bulls and bears was expected, with the bulls likely to gain an edge.
According to analysts, opportunities persist for savvy investors in undervalued stocks amid ongoing market volatility.
They noted that the release of October’s Consumer Price Index (CPI) data by the National Bureau of Statistics might also have influenced sentiment, as inflationary pressures and naira volatility kept market players cautious.
“Investors are advised to prioritise fundamentally strong stocks, while staying vigilant about broader economic developments,” the analysts said.(NAN)
A.I
Nov. 19, 2024
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