By Philemon Adedeji
Equities market maintained upward trajectory by extending gains for the fifth consecutive session, as All-Share Index (ASI) gained 477.84 basis points representing 0.86 per cent to settle at 55,806.26 Index points from 55,328.42 Index points it closed trade on Monday.
Gains in industry heavyweight, Dangote Cement (+2.21 per cent) alongside Tier-1 banking names Zenith Bank (+2.12 per cent) and Guaranty Trust Holding Company (GTCO) (+2.50 per cent), were the main drivers of the market’s overall performance.
Respectively, the year-to-date (YTD) return rose to 8.89 per cent while the market capitalisation rose by N260.31billion to close at N30.400 trillion.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 184.78 per cent.
Fidelity BanK led the volume chart with 39.979 million units traded while Dangote Cement led the value chart in deals worth N1.58 billion.
The upturn performance was driven by price appreciation in medium and large capitalised stocks which are MRS Oil, Stanbic IBTC, Cleansing, Zenith Bank and 32 others.
The market sentiments as measured by market breadth closed positive as MRS Oil led 36 gainers on the performance board, while Multiverse and Mining Evaporation led 10 losers on the laggards board.
Analysts at Coronation Research, said equity market in 2023 differs from that of 2015. General elections typically bring about uncertainty and markets do not like uncertainty. In the run-up to the elections, the equity market declined 11.81 per cent from the beginning of the year to March 28th, 2015.
This year, however, the market has gained 8.89 per cent year-to-date. What factors have changed since 2015 that may explain this difference?
At the close of trade yesterday, the trade volume increased stronger by 58.4 per cent to 237,174,411 million units worth N4.392 billion were exchanged in 4,435 deals.
On the performance chart, MRS Oil emerged as the highest price gainer with 10.00 per cent increased to close at N36.85 per share, closely followed by Stanbic IBTC which appreciated by 9.88 per cent to close at N41.70 per share, while Cileasing which recorded as the last third gainer rose significantly by 9.64 per cent to close at N3. 98 per share.
Mcnichols and Oando Plc gained 9.09 per cent each increased to close at N0.72 and N4.80 per share respectively.
However, Multiverse and Mining Evaporation which emerged as the highest price loser shed 10.00 per cent to close at N3.96 per share, followed by Computer Warehouse Group which lost 9.09 per cent to close at N0.90 per share, while Flour Mills of Nigeria which recorded as the last third loser went down by 8.44 per cent to close at N32. 00 per share.
Chams Plc which recorded as the last fourth loser depreciated by 7.14 per cent to close at N0.26 per share.
Rtbriscoe dipped by 3.57 per cent to close at N0. 27 per share.
Transaction in the shares of Fidelity Bank topped the activities chart with 39.979 million shares worth N201.971 million, followed by Zenith Bank which transacted 34.247 million shares valued at N907.535 million, while Oando plc traded 22.568 million shares valued at N109.095 million.
Transnational Corporation transacted 17.826 million shares worth N23.260 million.
Guaranty Trust Holding Company accounted 10.366 million shares worth N274.653 million.