Gains on blue chip companies lift NGX index 1.25%

Transactions on the Nigerian Exchange Ltd., (NGX) on Wednesday maintained a positive posture with the market indices increasing by 1.25 per cent due to gains recorded by some blue chip companies.

The News Agency of Nigeria (NAN) reports that the market capitalisation upgraded by N320 billion to close at N25.95 trillion in contrast with N25.63 trillion achieved on Tuesday.

Similarly, the All-Share Index (ASI) which opened at 47,545.86 points closed at 48,138.71, representing 1.25 per cent.

Market analysts at Vetiva Research said, “Market witnessed an unexpected positive close in some counters that have been trading flat in recent sessions, while sustaining its profit taking activities in the banking space.

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“We anticipate a further mixed activity tomorrow as investors continue to cherry pick attractive counters across board.”

Eterna Oil recorded the highest price gain in percentage terms, to lead the gainers’ chart, appreciating by 10 per cent to close at 50k per share.

Japaul Gold also had a gain of 10 per cent to close at 3k and Guinness rose by 9.96 per cent to close at N7.45 per share.

Meyer was up 9.66 per cent to close at 17k, while WAPIC appreciated by 9.52 per cent to close at 4k per share.

Conversely, UnionDicon topped the losers’ table, dropping by 9.6 per cent to close at 95kper share.

CWG followed with a loss of 9.28 per cent to close at 9k and JohnHolt depreciated by 8.97 per cent to close at 7k per share.

Regal Insurance went down by 8.57 per cent to close at 3k while Sunu Assurance shed by 8.33 per cent to close at 3k per share.

Analysis of the activity chart indicated that Universal Insurance emerged the most active in volume terms, having accounted for 73.05 million shares worth N14.61 million.

It was followed by Zenith Bank with an exchange of 33.65 million shares valued at N571.51 million and Fidelity Bank sold 20.73 million shares worth N79.96 million.

United Bank for Africa (UBA) exchanged 20.06 million shares valued at N160.5 million, while Mutual Benefits Assurance sold 16.37 million shares worth N3.95 million.

In all, investors staked N3.699 billion on 349.56 million shares transacted in 4,587 deals against 365.45 million shares worth N7.11 billion achieved in 5, 790 deals on Tuesday.