NGX Group led the advance, drawing support from GTCO and oil palm processor Presco.
Nigerian stocks got off to an optimistic start on Monday, adding 0.91 per cent or N226.1 billion as the earnings season, so far marked by broadly improved performance across sectors, boosted investors’ confidence.
NGX Group led the advance, drawing support from GTCO and oil palm processor Presco.
For now, the tone of where the market will head in the near time will most possibly be set by whether the outstanding corporate results turn out positive or the other way.
And that itself could be specifically determined by the performance of the Big 5 Banks jointly called FUGAZ and of companies on the NGX 30, a price index tracking the exchange’s top thirty firms by market capitalisation and liquidity.
Analysts at Lagos-based United Capital anticipate the market will retain “its bullish momentum as investors continue to take positions in anticipation of the forthcoming end-of-year releases.”
Market breadth, which measures investors’ sentiment, was positive as 33 gainers emerged against 23 losers.
The all-share index climbed 419.62 basis points to 46,624.67, while market capitalisation closed higher at N25.1 trillion.
From the start of the year, the index is up 9.15 per cent.
TOP FIVE GAINERS
RT Briscoe led gainers, appreciating by 10 per cent to close at N0.22. NCR rose to N3.30, notching up 10 per cent in the process. Consolidated Hallmark added 10 per cent to end trade at N0.66. Presco went up by 9.97 per cent to N96.55. NGX Group completed the top 5, climbing by 9.93 per cent to N23.25.
TOP FIVE LOSERS
Eterna led losers, declining by 9.43 per cent to close at N2.40. Lasaco shed 8.85 per cent to close at N1.03. Linkage Assurance fell to N0.47, losing 7.84 per cent. Mutual Benefits slumped to N0.26, recording 7.14 per cent depreciation. Prestige Assurance closed at N0.43, going down by 6.52 per cent.
TOP FIVE TRADES
Altogether, 435.8 million shares estimated at N3.4 billion were traded in 6,482 deals.
Fidelity Bank was the most active stock with 38 million units of its shares worth N106.2 million traded in 204 deals. RT Briscoe traded 30 million shares priced at N6.1 million in 43 transactions. Transcorp had 27.4 million shares valued at N31.4 million traded in 202 deals. FBN Holdings traded 26.8 million shares estimated at N310.5 million in 156 transactions. Linkage Assurance traded 23 million shares valued at N11 million in 33 deals.
Source: https://www.premiumtimesng.com/business/business-news/508861-nigerian-stocks-gain-n226-1-billion-as-corporate-scorecards-excite-investors.html