NGX Market Closes Week with Mixed Results as UBA Boosts Market Capitalisation

The Nigerian Exchange (NGX) closed trading on a mixed note on Friday, capping off a week of fluctuating investor sentiment.

The total value of equities in the market increased, primarily driven by the listing of additional shares from United Bank for Africa (UBA) following its recent capital raising efforts.

Market capitalisation edged higher by 0.19%, translating to a gain of N130 billion. It closed at N68.751 trillion, up from N68.621 trillion recorded the previous day. This growth was largely attributed to UBA’s new share issuance, which contributed to the overall uplift in value.

Despite this positive movement in market capitalisation, the NGX All-Share Index (ASI) dipped slightly by 0.14%, or 154.40 points, to settle at 109,028.62 compared to Thursday’s 109,183.02. This marked the third consecutive session of decline in the index.

Investor sentiment, however, remained upbeat as market breadth finished positive. Thirty stocks recorded gains, while twenty-two declined. Among the top performers, Red Star Express gained 10% to close at N6.71, and University Press advanced by 9.82% to finish at N4.36 per share.

Other notable gainers included ABC Transport, which rose by 9.69% to N2.49; McNicholas, which appreciated by 9.05% to N2.29; and Lasaco Assurance, which closed at N2.69 after adding 8.47%.

Conversely, Northern Nigeria Flour Mills suffered the steepest drop, declining by 9.97% to N118.70. Transcorp Hotel followed closely, down 9.95% to N138.50. Learn Africa fell by 9.89% to N4.01, while Legend Internet and Sovereign Trust Insurance decreased by 9.52% and 8.57%, ending at N7.60 and 96 kobo, respectively.

Trading volume also saw a drop, with 637.54 million shares worth N18.122 billion exchanged in 15,927 deals. This was a notable decrease from the previous session’s 1.65 billion shares valued at N19.098 billion in 26,176 transactions.

Tantalizer led the activity chart with 145.08 million shares worth N384.45 million. Fidelity Bank followed with 85.57 million shares traded for N1.56 billion. Nigerian Breweries, Guaranty Trust Holding Company (GTCO), and UBA also featured prominently, recording trades of 47.53 million, 29.38 million, and 45.14 million shares, respectively.

Sectoral indices showed mixed outcomes. The banking index recorded the highest gain of 1.48%, buoyed by investor interest in Fidelity Bank (+7.49%), UBA (+3.61%), and GTCO (+1.45%).

The Industrial Goods sector rose by 0.64% due to WAPCO’s 4.30% gain, while the Commodity sector appreciated by 0.58%, supported by PRESCO’s 7.95% increase.

On the negative side, the Consumer Goods index fell by 0.92%, Insurance declined by 0.66%, and the Oil & Gas sector dropped 0.29%, influenced by losses in Nigerian Breweries (-5.10%), Sovereign Trust Insurance (-8.57%), and Oando (-3.00%).