Bullish equities wrap up the week; NASCON, Dangote Sugar, others
By Philemon Adedeji
The Nigerian equities market concluded the week on upward tragedy, supported by consistent interest from bargain hunters who remained actively involved in stock trading for a four-day period.
Consequently, the NGX All-Share Index (NGXASI) saw a 157.09 basis points uptick during the closing session, closing at 65,558.91 Index points compared to the previous 65,401.82 Index points.
The day’s upturn was impacted by investors interest in key stocks amongst which were: NASCON Allied (+9.95 per cent), TRANSCORP (+9.85 per cent), DANGOTE SUGAR (7.95 per cent), FLOURMILL (+1.08 per cent), ACCESS CORPORATION (+1.85 per cent) and GTCO (+0.28 per cent).
In addition, the year-to-date return climbed to 27.92 per cent, accompanied by a 0.24 per cent uptick in the overall market capitalization, ultimately closing at N35.88 trillion. This led to a significant boost in investors’ wealth by N85.98 billion.
However, market activity witnessed a decline, with volume and value traded registering a decrease of 38.94 per cent and 67.19 per cent to 356.02 million units and N4.23 billion, respectively.
The Market Breadth, which measures investor sentiment through the Gainers/Losers ratio, increased to 1.29x from 0.49x, as 31 stocks appreciated, 24 stocks depreciated and 64 stocks closed flat.
Analysts at Futureview Financial Services Limited commented that “we anticipate the continuation of bullish momentum into the upcoming week. We advise investors to invest in high-quality stocks with strong fundamentals supporting them.”
On the performance board, SFS Real Estate Investment led the advancers chart with 9.97 per cent increased to close at N83.80 per share, closely followed by 9.95 per cent to close at N44.75 per share while FTNcocoa Processor appreciated by 9.94 per cent to close at N1.99 per share
Nem Insurance which came as the last fourth gainers rose by 9.90 per cent to close at N5.66 per share.
Redstarex which recorded as the last fifth gainer grew by 9.89 per cent to close at N2.89 per share.
On the other side, Prestige Assurance led the losers with 9.43 per cent to close at N0.41 per share, followed by Tantilizer which suffered 9.38 per cent to close at N0.25 per share, while Omatek Venture dipped by 9.09 per cent to close at N0.36 per share.
Mutual Benefit Assurance which emerged as the last fourth loser went down by 8.89 per cent to close at N0.20 per share,
Guinea Insurance which recorded as the last fifth loser went down by 7.41 per cent to close at N1.75 per share
