NGX opens year on bullish note as market capitalisation rises by N561bn

The Nigerian Exchange (NGX) sustained its bullish momentum on Friday, the first trading day of the year, as investors recorded a N561 billion gain driven by continued buying interest in major equities.

Strong price appreciation in stocks such as FTN Cocoa Processors, ABC Transport, Mutual Benefits Assurance, Deap Capital Management and Aluminium Extrusion Industries, alongside 48 other equities, underpinned the positive market performance.

Market capitalisation, which opened at N99.376 trillion, advanced by N561 billion or 0.57 per cent to close at N99.937 trillion. In the same vein, the All-Share Index gained 0.57 per cent, rising by 879.33 points to settle at 156,492.36, compared with 155,613.03 recorded on Wednesday.

Trading resumed on Friday after the Federal Government declared Thursday a public holiday to mark the New Year.

Market breadth closed firmly positive, with 53 stocks recording gains against 10 decliners.

FTN Cocoa Processors, ABC Transport, Mutual Benefits Assurance and Deap Capital Management topped the gainers’ table, each appreciating by 10 per cent to close at N5.50, N4.51, N3.41 and N2.09 per share respectively. Aluminium Extrusion Industries followed closely, rising by 9.93 per cent to close at N23.80 per share.

On the losing side, Abbey Mortgage Bank led the decliners, shedding 6.25 per cent to close at N6. First City Monument Bank dropped by 4.56 per cent to N11.50, while Seplat Energy fell by 3.43 per cent to close at N5,610 per share. Guinea Insurance declined by 2.26 per cent to N1.30, and Universal Insurance dipped by 1.65 per cent to close at N1.19 per share.

Market activity showed an increase in the number of deals executed, although total traded volume and value declined compared with the previous session. Investors exchanged 439.9 million shares valued at N24.9 billion in 40,245 transactions, compared with 1.23 billion shares worth N35.13 billion traded in 27,884 deals on Wednesday.

Chams led the activity chart by volume, with 120.3 million shares traded at a value of N455.09 million. Linkage Assurance followed with 21.2 million shares valued at N38.3 million, while Lasaco Assurance recorded 19.5 million shares worth N48.6 million.

Aradel Holdings traded 15.6 million shares valued at N10.74 billion, while Access Corporation exchanged 14.3 million shares worth N317.3 million.