The stock market segment of the Nigerian Exchange Limited (NGX) yesterday sustained the bullish momentum with N100 billion gain, following bargain hunting in MTN Nigeria Communications (MTNN) and 14 others.
The overall market capitalisation value gained N100 billion to close at N28.719 trillion, while the NGX All-Share Index (ASI) grew by 184.42 basis points or 0.35 per cent to close at 53,270.88 basis points.
The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; MTNN, UAC of Nigeria (UACN), GlaxoSmithKline Consumer Nigeria (Glaxosmith), Global Spectrum Energy Services and Nigerian Exchange Group (NGXGroup).
As measured by market breadth, market sentiment was positive, as 16 stocks gained relative to 15 losers. Global Spectrum Energy Services recorded the highest price gain of 10 per cent to close at N2.75, per share. Jaiz Bank followed with a gain 7.95 per cent to close at 95 kobo, while Japaul Gold and Ventures went up by 6.67 per cent to close at 32 kobo, per share.
Glaxosmith rose by 5.11 per cent to close at N7.20, while UACN gained 4.55 per cent to close at N11.50, per share. On the other hand, Cutix led the losers' chart by 10 per cent to close at N2.61, per share. Cadbury Nigeria followed with a decline of 5.93 per cent to close at N16.65, while FTN Cocoa processors lost 5.56 per cent to close at 34 kobo, per share.
Wapic Insurance lost 4.76 per cent to close at N7.20, while Honeywell Flour Mill shed 4.55 per cent to close at N3.15, per share.
Meanwhile, the total volume of trades dipped by 68.95 per cent to 234.624 million units, valued at N2.745 billion, and exchanged in 4,232 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 30.433 million shares valued at N37.213 million. United Bank for Africa (UBA) followed with 25.801 million shares worth N201.338 million, while Chams traded 20.525 million shares valued at N4.929 million.
NGXGroup traded 18.532 million shares valued at N459.962 million, while Fidelity Bank transacted 17.510 million shares worth N59.352 million.
Analysts at GTI Securities Limited said "The stock market closed positively, as bargain hunting was seen in all the major sectors. We expect cautious trading to continue."