Investors on NGX record N139bn gain on Wednesday on bargain hunting

Investors on the Nigerian Exchange (NGX) made a gain of N139 billion on Wednesday as the market extended bullish trading on the day to close the last day in the month of June bullish due to bargain hunting in Nestle.

Specifically, the market capitalisation which opened at N19.621 trillion inched higher by N139 billion or 0.71 per cent to close at N19.760 trillion.

Also, the NGX All-Share Index rose by 266.53 points or 0.71 per cent to close at 37,907.28 from 37,640.75 recorded on Tuesday.

Accordingly, the month-to-date and year-to-date losses moderated to 1.4 per cent and 5.9 per cent, respectively.

The market upturn was driven by price appreciation in large and medium capitalised stocks, amongst which were Nestle, MTN Nigeria Communications (MTNN), Flour Mills, Berger Paints and Vitafoam Nigeria.

A breakdown of the price movement chart showed that 20 stocks posted price gains, relative with 16 losers.

Nestle dominated the gainers’ chart in percentage terms with 10 per cent to close at N1,540 per share.

Ikeja Hotel followed with 9.92 per cent to close at N1.33, while Oando improved by 9.67 per cent to close at N3.29 per share.

Lasaco Assurance garnered 9.49 per cent to close at N1.50, while Linkage Assurance and Berger Paints gained 9.09 per cent each to close at 84k and N8.40 per share, respectively.

On the other hand, BOC Gases led the losers’ chart in percentage terms by 10 per cent to close at N8.55 per share.

Sovereign Trust Insurance trailed with 7.14 per cent to close at 26k, while PZ Cussons Nigeria lost 7.08 per cent to close at N5.25 per share.

Regency Alliance Insurance lost 6.12 per cent to close at 46k, while Chams, Consolidated Hallmark Assurance and Courteville Business Solutions shed 4.76 per cent each to close at 20k, 60k and 20k per share, respectively.

Transactions in the shares of Wema Bank topped the activity chart with 18.31 million shares valued N10.89 million.

Oando followed with 15.62 million shares worth N47.76 million, while Mutual Benefits Assurance traded 15.10 million shares valued N6.32 million.

Access Bank sold 13.74 million shares worth N116.55 million, while United Bank for Africa transacted 13.56 million shares worth N98.95 million.

In all, the total volume of shares traded declined by 6.7 per cent to 213.70 billion units valued at N3.23 billion exchanged in 3,522 deals.

This was in contrast with a total of 229.01 billion shares worth N2.73 billion traded in 3,678 deals on Tuesday.