UBA, MTN, Access Corporation Drive NGX, as Market Cap Hits 58 Trillion

Trading on the floor of Nigeria Exchange on Tuesday was driven by buying interest in United Bank of Africa, (10.0%), MTN Nigeria 9.98%, and   Access Corporation 9.51%, with the trading session, closed bullish at 103,524.44 points, culminating into N58tn, an upswing of 1.45%.

The total value of transactions displayed a decline of 16.78% to NGN 14.23 billion. But the trade volume amounted to 565.79 million, an acceleration of 29.50% executed in11,519 deals.

Transcorp, Accesscorp, and Gtco took the lead in terms of trading volume, demonstrating  exchanges of 170.72 million units, 48.57 million units, and 39.03 million units, respectively.

In terms of trading value, Transpower,  emerged as the leader with NGN 3.51 billion, followed by Transcorp, and Gtco, with NGN 3.13 billion and NGN1.66 billion, respectively.

Accordingly, UBA, MTN Nigeria and Berger recorded gains of 10.00%, 9.98%, and 9.71%, respectively, while Tantalizer, Nascon, and Morison experienced declines of -7.89%, -6.77%, and -6.62%, respectively.  Also, the Month to Date (MTD) and Year to Date (YTD) returns exhibits growth rates of 3.54% and 38.45%, respectively.

An insight into sectoral details revealed that Banking sector predominantly drove the market, gaining 4.54%, followed by I.T./Communication, Insurance, Industrial and Oil & Gas with 3.59%, 0.98%, 0.18%, and 0.10%, respectively, while Consumer decline by -0.3%.