Equities market gains 0.97% to commence new week positive
The equities market of the Nigerian Exchange Limited (NGX) on Monday rebounded by 0.97 percent on investors’ interest in BUA Cement Plc and 25 others.
The All-Share Index (ASI) rose by 646.76 basis points or 0.97 percent to close at 67,101.33 basis points, while market capitalisation gained N355 billion to close at N36.865 trillion.
Analysts at InvestmentOne Research said, “The local bourse closed positive due to optimistic sentiment seen across major sectors.
“Going forward, we expect investors sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”
However, investor sentiment, as measured by market breadth closed positive as 26 stocks advanced, while 23 declined. BUA Cement emerged the highest price gainer of 10 per cent to close at N103.40, per share.
Consolidated Hallmark Insurance followed with a gain of 9.80 per cent to close at N1.12, while Nigerian Breweries rose by 9.09 per cent to close at N42.00, per share.
John Holt increased by 8.11 percent to close at N1.60, while SUNU Assurance appreciated 7.22 percent to close at N1.04, per share.
On the other side, Prestige Assurance led the losers’ chart with 10 percent to close at 45 kobo, per share. FTN Cocoa Processors followed with a decline of 8.33 percent to close at N1.65, while NEIMETH International Pharmaceuticals shed 7.74 percent to close at N1.55, per share.
Sovereign Trust Insurance depreciated by 5.00 per cent to close at 38 kobo, while eTranzact International down by 4.26 percent to close at N9.00, per share.
The total volume traded dipped by 28.18 percent to 268.664 million units, valued at N3.464 billion, and exchanged in 6,911 deals. Transactions in the shares of Associated Bus Company led the activity with 29.269 million shares worth N19.908 million. Access Holdings followed with account of 29.172 million shares valued at N465.977 million, while Oando traded 27.090 million shares valued at N252.976 million.
United Bank for Africa (UBA) traded 23.752 million shares worth N407.671 million, while Transnational Corporation (Transcorp) traded 23.735 million shares worth N149.510 million.
This week, analysts at United Capital said, “We expect the renewed buy-interests across the equities market to linger. We anticipate investors taking positions ahead of the Q3, 2023 earnings season as corporates are set to release impressive financials. Hence, we recommend cherry-picking activities around fundamentally sound stocks with solid performance.”
