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HomeBusinessNigeria's equity market index notches up as gains in Zenith Bank, FBNH,...

Nigeria’s equity market index notches up as gains in Zenith Bank, FBNH, other stocks push up value

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By Ifeyinwa Ezeokoli 

The local bourse resumed the week on a bullish note as gains in Zenith Bank, FBN Holdings (FBNH) and other stocks offset sell-offs in Stanbic IBTC to push up market value.

As a result, the All-Share Index increased marginally by 0.04 points to close at 48,899.08 points. 

Accordingly, the month-to-date and year-to-date gains increased to 2.6 percent and 14.5 percent, respectively. 

The market cap of equities listed on the NGX increased to N26.634 trillion from N26.625 trillion as on the previous close.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, FBNH, Learn Africa, Lafarge Africa and Jaiz Bank.

On market performance for this week, United Capital Plc stated that “at current levels, we consider the market steeply overbought in the short term with Relative Strength Index (RSI) 0f 79.4 as well as trading close to its upper Bollinger limit. 

“In addition, MACD level & signal lines indicate slowing momentum in the recent bullish run. Lastly, the profit-taking activities in the Banking sector (following the recent rally) indicate investors are shifting towards a profit-taking mood as we approach the end of the year.”

However, market sentiment as measured by market breadth was slightly negative with 11 losers in relative to 10 gainers.  

Learn Africa led the gainers’ chart in percentage terms by 9.70 percent to close at N1.81 per share.

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Jaiz Bank followed with a gain 9.20 percent to close at 95k, while SCOA Nigeria rose by 8.86 percent to close at 86k per share.

SUNU Assurances increased by 7.14 percent to close at 30k, while Japaul Gold & Ventures appreciated by 3.70 percent to close at 28k per share. 

On the other hand, Royal Exchange led the losers’ chart in percentage terms by 9.88 percent to close at 73k per share.

Neimeth Pharmaceutical followed with 9.88 percent to close at 73k per share.

AXA Mansard Insurance depreciated by 4.52 percent to close at N1.90 per share. 

Courteville Business Solutions and  UACN Property Development Company  (UPDC) declined by 2.17 percent each to close at 45k and 90k per share, respectively.

The total volume of trades increased by 134.6 percent to 236.586 million units valued at N2.52 billion exchanged in 3,334 deals. 

Transactions in the shares of Access Holdings topped the activity chart with 120.98 million shares valued at N1.03 billion. 

Jaiz Bank followed with 19.037 million shares worth N17.82 million, while Guaranty Trust Holding Company traded 17.19 million shares valued at N361.31 million.

FBNH traded 12.040 million shares valued at N131.22 million, while FCMB Group transacted 8.59 million shares worth N30.09 million.

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