Nigerian stock exchange recovers as capitalization increases by N14bn

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The market capitalization of the Nigerian Exchange Ltd., or NGX, increased by N14 billion on Wednesday to N26.531 trillion from N26.517 trillion on Tuesday.

The All Share Index, or ASI, also saw a slight uptick, rising 10.25 basis points, or 0.02 percent, to close at 49,171.70 as opposed to 49,161.45 the day before.

As a result, the year-to-date, or YTD, return increased to 15.11%.
“As expected, the market reacted poorly to the MPR raise as sell-offs were recorded across the board,” wrote analysts at Vetiva Dealing & Brokage. “Like on Monday, price appreciation in BUA Cement bolstered market performance slightly.

If none of the major names show signs of improvement, we continue to anticipate a decline in sentiment as investors shift their attention to more alluring alternative asset classes.
According to a breakdown of the price movement table, Chams led the gainers’ table with an increase of 8% to close at $27,000 per share.

While Sovereign Insurance increased by 3.57 percent to settle at 29k per share, Ardoval Plc lagged behind with a rise of 7.42 percent to close at N13.75.

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Jaiz Bank increased by 2.70 percent to close at 76k per share, while BUA Cement gained 1% to close at 52k.

Japaul Gold & Venture, on the other hand, topped the losers’ list with a 10% decline to close at $27,000 per share.
Royal Exchange followed with a loss of 9.8 per cent to close at 92k, while Consolidated Hallmark Insurance declined by 8.62 per cent to close at 53k per share.
Fidson declined by 7.54 percent to settle at N9.2 per share, while RTBriscoe slid by 8.57 percent to close at 32,000.

According to an analysis of today’s market activity, trade turnover decreased in comparison to the previous session, with the value of transactions falling by 25.36%.

Comparatively, 139.24 million shares worth N1.60 billion were swapped in 3, 421 trades on Tuesday, while 101.57 million shares worth N1.20 billion were moved in a total of 3,981 deals.

Zenith Bank traded 11.56 million shares valued at N228.91 million, followed by Guranty Trust Holding Company, GTCO, which recorded the largest volume with 14.34 million shares to end at N259.04 million.

Transcorp traded 6.2 million shares for N6.27 million, and FBN Holdings sold 6.28 million shares for N61.23 million.

5.7 million shares for N1.48 million were also sold by Chams.

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