By Kayode Tokede
Transactions on Nigerian Exchange Limited (NGX) equities market on Wednesday closed on a positive trajectory, to reverse the previous trading session loss on investors’ buy interest in Dangote Cement and 14 others.
In summary, the All-Share Index (ASI) appreciated by 68.15 absolute points, representing a decline of 0.18 per cent to close at 38,482.52 points. Similarly, the overall market capitalisation value gained N36 billion to close at N20.058 trillion.
Sector performances were mixed today with Oil and Gas (-0.05per cent) Consumer Goods (-0.16 per cent) sectors both closing down, while Banking (+0.02 per cent) and Industrial (+0.50 per cent) sectors closed positively.
The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Cement, University Press, Unilever Nigeria, Zenith Bank and Africa Prudential.
However, the market breadth closed negative with 20 losers against 15 gainers. University Press recorded the highest price gain of 9.38 per cent to close at N1.40, per share. Regency Alliance Insurance followed with a gain 8.16 per cent to close at 53 kobo, while Veritas Kapital Assurance rose by five per cent to close at 21 kobo, per share.
Consolidated Hallmark Insurance rose by 4.17 per cent to close at 75 kobo, while Royal Exchange appreciated by 3.90 per cent to close at 80 kobo, per share.
On the other hand, Computer Warehouse Group led the losers’ chart by 9.66 per cent to close at N1.87, per share. Ikeja Hotel followed with a decline of 9.09 per cent to close at N1.00, while NASCON Allied Industries shed 8.78 per cent to close at N13.50, per share.
John Holt shed 8.62 per cent to close at 53 kobo, while Linkage Assurance depreciated by 8.33 per cent to close at 55 kobo, per share.
The total volume of trades fell by 42.9 per cent to 156.906 million units, valued at N1.329 billion, and exchanged in 3,273 deals. Transactions in the shares of Japaul Gold and Ventures topped the activity chart with 19.949 million shares valued at N11.405 million. FBN Holdings (FBNH) followed with 12.225 million shares worth N87.891 million, while Transnational Corporation of Nigeria (Transcorp) traded 11.842 million shares valued at N10.446 million.
UAC of Nigeria (UACN) traded 10.807 million shares valued at N118.874 million, while Fidelity Bank transacted 9.836 million shares worth N21.852 million.
According to analysts at Investment One research, “The equities market closed up today due to the gains recorded across the Banking and Industrial sectors.
“Going forward, we expect investor’s 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.”
On market performance, Afrinvest Limited said “We expect the market to extend its soft gain in the next trading session, amid bargain hunting on some large-cap stocks.”
Analysts at United Capital Plc said that “Looking ahead, we expect the local bourse to record a marginal recovery in subsequent sessions as the market remains technically oversold with room for some upside.”