NGX ASI continues its surge amid plunge in NCR, HONYFLOUR

Nigerian stock exchange market closed in profit supporting yesterday’s surge, amid the removal of Firstbank’s Board of Directors.

Nairametrics noticed a surge in demand for First bank shares which was sufficient enough to mitigate the speculated sell. First Bank shares saw a stalemate, holding price at N6.90. The All-Share Index increased by +0.95% to close at 39,834.42.

• Nigerian Stock Exchange market value currently stands at N20.85 trillion. Its Year-to-Date (YTD) returns currently stand at -1.08%.
• The market breadth closed positive in the green as REGALINS led 22 Gainers, and 23 Losers topped by NCR at the end of Friday’s session showing a consolidation as movement is not certain.

Top gainers

1. REGALINS up +10.00% to close at N0.33
2. CHIPLC up +8.33% to close at N 39
3. ROYALEX up +8.16% to close at N0.53
4. FTNCOCOA up +7.69% to close at N0.42
5. BUACEMENT up +7.15% to close at N77.90

Top losers

1. NCR down -9.92% to close at N2.27
2. VANLEER down -9.70% to close at N6.05
3. HONYFLOUR down -9.38% to close at N1.16
4. SUNUASSUR down -9.23% to close at N0.59
5. UNITYBNK down -8.82% to close at N0.62

Outlook

Nigerian Stock Market continued its bullish run as it posted gains. HONYFLOUR saw a dip which was in line with the speculated reaction from investors.

• Market sentiment tends toward consolidation as the NGX ASI closed with 22 gainers and 23 losers
• Nairametrics however, advises cautious buying in this era of growing uncertainties.