Equities sustain rising profile as index appreciates further by 0.14 per cent
Following price gains recorded by most bluechip stocks, transactions on the equities sector of the Nigerian Stock Exchange (NSE), sustained the previous day gains, as the All Share Index (ASI) appreciated further by 0.14 percent.
At the close of transactions yesterday, the ASI rose by 36.71 points or 0.14 percent to 26,776.15 points. Accordingly, investors gained N18 billion in value as market capitalisation rose to N12.924 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Nigerian Breweries, Conoil, UBA, FBN Holdings, and Access Bank.
Capital market analysts said the market closed higher yesterday, amid ongoing interpretation of recent economic data and corporate earnings in relation to the different investment windows, as capital wave continued finding a destination for higher returns.
The Chief Operating Officer, InvestData Consulting Limited, Ambrose Omordion, said: “We expect mixed performance to continue on a capital wave, profit-taking, and repositioning in value stocks as market players digest the rising inflation and its impacts on investment returns.”He said the changing sentiments in expectation of improved liquidity due to the interest rates drop in the money market ahead of the MPC meeting should guide investors, adding that current undervaluation in the market offer investors opportunities to position for short and medium-to-long-term gains.
Market breadth also closed positive as 24 stocks posted gains while 10 stocks posted declines. Chams recorded the highest price gain of 10 percent to close at 33 kobo per share. Learn Africa followed 9.48 percent to close at N1.27, while Conoil edged 9.47 percent to close at N18.50, per share.
Cornerstone Insurance rose 9.38 percent to close at 70 kobo, and NPF Microfinance Bank 9.09 percent to close at N1.20, per share.
On the other hand, NASCON Allied Industries led the losers’ chart with 5.72 percent to close at N14 per share.
Lasaco Assurance followed 3.57 percent to close at 27 kobo, and Wapic Insurance down by 2.86 to close at 34 kobo, per share.Unity Bank lost 2.78 per cent to close at 70 kobo, while Aiico Insurance shed 2.74 percent to close at 71 kobo, per share.However, total volume traded fell by 32.21 percent to 267.31 million shares, worth N3.05 billion, traded in 4,074 deals.
Transactions in the shares of Access Bank topped the activity chart with 63.53 million shares valued at N643.70 million. UBA followed with 44.86 million shares worth N338.65 million, while Zenith Bank traded 24.09 million shares at N451.63 million.FBN Holdings traded 16.82 million shares valued at N119.31 million, while Guaranty Trust Bank transacted 14.26 million shares worth N414.07 million.
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