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NGX indices increase by 0.29% on GTBank and Lafarge Africa rally

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NGX indices increase by 0.29% on GTBank and Lafarge Africa rally

By Chinyere Joel-Nwokeoma

On Wednesday, the main stock indexes of the Nigerian Exchange (NGX) Ltd. extended their winning streak to four consecutive trading sessions, appreciating a further 0.29%.

The performance is the result of investor interests in Guaranty Trust Bank and Lafarge Africa.

Specifically, the All-Share Index rose 112.76 points or 0.29 percent to 39,128.34 from 39,015.58 released on Tuesday.

As a result, the month-to-month gain turned positive at 0.2 percent, while the year-to-date loss moderated to 2.8 percent.

Market analysts attributed the performance to the surge in confidence as bargain hunters continued to benefit from fundamentally viable low-priced stocks amid first quarter corporate results.

The market gain was fueled by the price appreciation of large and mid-cap stocks, including Conoil, Lafarge Africa, Guaranty Trust Bank, Eterna and Union Bank of Nigeria.

As measured by the scale of the market, market sentiment was positive with 22 stocks advancing, versus 21 losers.

Conoil recorded the highest price gain to lead the winners chart in terms of percentage gains, improving 9.97 percent to close at Naira 18.75 per share.

Studio Press followed with 9.88% to close at N1.78, while Eterna rose 9.48% to close at N 6.35 per share.

University Press rose 9.40 percent to close at 1.28 Naira, while Lafarge Africa rose 6.83% to close at 21.90 Naira per share.

On the other hand, Guinness Nigeria led the losers chart in terms of percentage, losing 9.89 percent to close at 28.70 naira per share.

Portland Paints & Products Nigeria followed with 9.85 percent to close at N2.38, while Academy Press lost 9.76 percent to close at 37k per share.

Learn Africa dipped 8.26% to close at N1, while Regency Alliance Insurance fell 7.41% to close at 25,000 per share.

Access Bank shares traded topped the activity chart with 28.18 million shares valued at 213.19 million naira.

Fidelity Bank followed with 17.17 million shares valued at 38.43 million naira, while Mutual Benefits Assurance sold 16.81 million shares valued at 6.03 million naira.

Guaranty Trust Bank represented 13.68 million shares worth 423.11 million naira, while Transcorp traded 12.64 million shares worth 10.17 million naira.

In total, the total volume of shares traded decreased by 29.4 percent, with 239.25 million shares worth N1.66 billion traded in 3,746 deals.

This contrasts with 339.02 million shares valued at 2.71 billion naira traded in 4,205 transactions on Tuesday. (NOPE)

(NAN)

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