Investors gain N59.01bn as equities market maintains positive posture
By Kayode Tokede
Trading activities on the domestic stock market yesterday closed on a positive note with a gain of N59.01 billion, by extending the current gaining streak to four consecutive trading session.
Market watchers contributed to the renewed confidence as bargain hunters continue to leverage on low-priced fundamentally viable stocks amidst first quarter (Q1), 2021 corporate earnings.
In summary, the All-Share Index (ASI) appreciated by 112.76 absolute points, representing an increase of 0.29 per cent to close at 39,128.34 basis points.
The overall market capitalisation value gained N59.01 billion to close at N20.478 trillion. Consequently, the Month-to-Date gain turned positive to 0.2 per cent, while the Year-to-Date loss moderated to 2.8 per cent.
Sector performance was broadly positive with the Banking (+2.25 per cent), Industrial (+0.39 per cent) and Consumer Goods (+0.34 per cent) sectors closing up today, while the Oil & Gas sector (-0.35 per cent) closed negative.
The market’s gain on Wednesday was driven by price appreciation in large and medium capitalised stocks amongst which are; Conoil Plc, Lafarge Africa Plc, Guaranty Trust Bank Plc, Eterna and Union Bank of Nigeria (UBN) Plc.
As measured by market breadth, market sentiment was positive, as 22 stocks gained, relative to 21 losers. Conoil recorded the highest price gain of 9.97 per cent to close at N18.75, per share. Studio Press Nigeria followed with a gain 9.88 per cent to close at N1.78, while Eterna rose by 9.48 per cent to close at N6.35, per share.
University Press rose by 9.40 per cent to close at N1.28, while Lafarge Africa appreciated by 6.83 per cent to close at N21.90, per share. On the other hand, Guinness Nigeria led the losers’ chart by 9.89 per cent, to close at N28.70, per share. Portland Paints & Products Nigeria followed with a decline of 9.85 per cent to close at N2.38, while Academy Press shed 9.76 per cent to close at 37 kobo, per share.
Learn Africa shed 8.26 per cent to close at N1.00, while Regency Alliance Insurance depreciated by 7.41 per cent to close at 25 kobo, per share.
However, the total volume of trades decreased by 29.4 per cent to 239.249 million units, valued at N1.663 billion, and exchanged in 3,746 deals.
Transactions in the shares of Access Bank topped the activity chart with 28.177 million shares valued at N213.188 million. Fidelity Bank followed with 17.171 million shares worth N38.425 million, while Mutual Benefits Assurance traded 16.813 million shares valued at N6.031 million.
Guaranty Trust Bank traded 13.683 million shares valued at N423.108 million, while Transnational Corporation of Nigeria (Transcorp) transacted 12.639 million shares worth N10.171 million.
Analysts at InvestmentOne research stated that. “The equities market closed up today due to the gains recorded across most 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.”
