FX RATES
FX RATES

Gains in 22 stocks lift capitalisation by N3 billion

Ahead of the half-year (H1) earnings season, price gains in 22 stocks lifted transactions on the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as market capitalisation increased by N3 billion.

At the closed of trading yesterday, the All-Share Index (ASI) increased by 5.47 absolute points, representing a gain of 0.01 per cent, to close at 37,952.65 points.

Similarly, the market capitalisation rose by N3 billion to close at N19.774 trillion.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are Presco, Eterna, Cutix, Vitafoam Nigeria and United Capital.

Analysts at United Capital Plc said: “In a shortened trading week, we anticipate a tight trading week barring major surprises in earnings scorecard of large-cap counters.”

The market breadth closed positive as 22 stocks recorded gains, relative to 10 losers. Eterna recorded the highest price gain of 10 per cent to close at N7.15, per share.

University Press followed with a gain 9.93 per cent to close at N1.55 kobo while Cutix rose by 9.92 per cent to close at N3.99 kobo.

Regency Alliance Insurance rose by 8.89 per cent to close at 49 kobo while Learn Africa gained 8.76 per cent to close at N1.49 kobo.

On the other hand, FTN Cocoa Processors led the losers’ chart by 7.32 per cent to close at 38 kobo, per share.

Sovereign Trust Insurance followed with a decline of 6.06 per cent to close at 31 kobo, while Ecobank Transnational Incorporated (ETI) lost 3.77 per cent to close at N5.10 kobo.

Sterling Bank lost 3.21 per cent to close at N1.51, while Union Bank of Nigeria (UBN) shed 2.68 per cent to close at N5.45 kobo.

The total volume of trades increased by 73.50 per cent to 462.809 million units, valued at N1.20 billion, and exchanged in 3,610 deals.

Transactions in the shares of Jaiz Bank topped the activity chart with 217.122 million shares valued at N116.621 million. Sterling Bank followed with 78.184 million shares worth N119.553 million, while Wema Bank traded 19.151 million shares valued at N15.799 million.

Sovereign Trust Bank traded 14.957 million shares valued at N4.533 million, while Universal Insurance transacted 12.803 million shares worth N2.590 million.

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