Zenith Bank Takes the Lead as NGX Rises Thanks to Hospitality and Manufacturing Shares

The Nigerian Exchange Ltd. (NGX) experienced a notable increase on Friday, as the All-Share Index (ASI) rose by 0.36 percent to 74,773.77. This marked an increase of 271.19 points from the previous day, accompanied by a rise in market capitalisation of N148 billion, closing at 40.924 trillion. The Year-to-Date (YTD) return also rose to 45.9 percent.

This surge in performance was attributed to increased share sales in Tier-one banks, telecommunication companies, luxury hotels, and manufacturing firms. Zenith Bank stood out as the leader in trading volume, with 28.89 million units exchanged, while Geregu led the value chart with deals worth N7.22 billion.

Amidst the trading activity, Learn Africa and Transcorp Hotel emerged as top gainers on the traders’ chart, each rising by 10 percent to close at N3.19 and N70.18 per share, respectively. Multiverse Mining and Exploration followed closely, increasing by 9.95 percent and closing at N18.57 per share. In addition, Abbey Mortgage Bank gained 9.90 percent to close at N2.22, while IMG rose by 9.8 percent to close at N13.45 per share.

However, there were also some losers in the market. SUNU Assurances led the pack with a 5.17 percent decline, closing at N1.10 per share. FTNCOCOA Processors followed suit, depreciating by 4.52 percent to close at N1.48, and Nigerian Aviation Handling Company (NAHCO) declined by 4.51 percent, settling at N25.40 per share. Tantalizer lost 4.08 percent, closing at 47k, while Sterling Nigeria declined by 3.16 percent, closing at N4.29 per share.

Looking ahead, analysts at Vetival Securities Ltd. expressed optimism about the equity market’s impressive performance this year, with a YTD return of 45.90 percent. They anticipate that positive sentiments will carry forward into early next year as investors continue to position themselves in the expected growth sectors.

Source:
NAN