Nigeria: NGX market caps rise to $51.4bln as GTCO lists new shares
The Nigerian Exchange (NGX) market capitalization increased by N1.76 trillion, representing a 2.28 percent increase to settle at N78.73 trillion following Guaranty Trust Holding Company's (GTCO) new listing.
The All Share Index (ASI) surged by 2.01 percent, adding 2,457.13 basis points to close at a new all-time high of 124,446.80 basis points.
Hence, the market index and the market capitalization diverged, as Nigerian Exchange lists GTCO Plc's public offer of 2,288,250,000 ordinary shares of 50 kobo each at N70.00 per share on the exchange on Thursday.
Investor sentiment remained largely positive, as reflected in the market breadth, with the local bourse recording its seventh consecutive session of gains.
With the booming trade, the market breadth closed largely positive, recording 70 gainers and 10 losers. In addition, the market sectoral performance was positive.
FTN Cocoa Processor, Haldane Mccall Holdings, United Bank for Africa, UACN Property Development Company, Caverton Offshore Support Group and Consolidated Hallmark Holdings topped the advancers' chart for today with a price appreciation of 10.00 percent each.
Other gainers include Redstar Express, ABC Transport Services, CAP, Ellah Lakes, AIICO Insurance and fifty-nine others. Ten stocks depreciated, according to trading details obtained from the Nigerian market.
Conversely, Neimeth International Pharmaceuticals was the top loser, with a price depreciation of -9.91 percent.
Other decliners include Legend Internet Services, Cadbury Nigeria, Livestock, VFD Group and Dangote Sugar.
The sustained rally was primarily driven by strong buying interest across all the major market sectors.
All five major market sectors were up, led by the insurance sector, which grew by +3.96 percent, followed by the banking sector, up by +3.86 percent, and the consumer goods sector, which gained +1.15 percent. Also, the industrial sector rose by +0.25 percent, and the oil & gas sector saw a moderate uptick of +0.04 percent.
On Thursday, trading activities improved as the total volume and total value of trades increased by 44.05 percent and 77.62 percent respectively.
Approximately 1,280.16 million units valued at N27,726.76 million were transacted across 27,875 deals.
In terms of volume, Access Holdings led the activity chart, accounting for 13.62 percent of the total volume of trades, followed by AIICO Insurance, Japaul Gold Ventures, United Bank for Africa and First City Monument Bank (FCMB Group), rounding out the top five.
Access Holdings also emerged as the most traded stock in value terms, accounting for 14.38 percent of the total value of all stock transactions conducted on the exchange.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
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Zawya
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Zawya
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Zawya
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