By Kayode Tokede
The Nigerian Stock Exchange (NSE) equities market recorded its first daily gain this week, following investors’ interest in Airtel Africa Plc and 10 other shares.
The overall market capitalisation size gained N8.18 billion, representing an increase of 0.07 per cent to close at N12.588 trillion as a result of the listing of Tranzact International Plc Rights Issue of 4.67 billion Ordinary Shares of 50 Kobo each at N1.50 per share on the basis of 10 new ordinary shares for every nine ordinary shares.
Similarly, the NSE All-Share Index (ASI) increased by 15.67 basis points, representing a growth of 0.06 per cent to close at 24,130.26 basis points.
Consequently, Month-to-Date and Year-to-Date losses increased to 1.4 per cent and 10.1 per cent, respectively.
Across sector indices, the Consumer Goods (-1.4 per cent) and Insurance (-0.9 per cent) indices declined, while the Banking (+0.4 per cent) and Industrial Goods (+0.01 per cent) indices recorded gains. The Oil & Gas index was flat.
The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Airtel Africa, Dangote Sugar Refinery, Guaranty Trust Bank, Cutix Plc and Access Bank.
Analysts at Afrinvest Limited stated that “We maintain our outlook of a mixed performance for the week.”
Also APT Securities and Funds Limited said “We retain our opinion on a bearish outlook. We therefore advise for a mid to long term positioning as Market technicals suggest there’s further room for stocks to decline in the short-term.”
However, market breadth remained negative, with 11 gainers versus 15 losers. Sunu Assurances Nigeria recorded the highest price gain of 10 per cent, to close at 22 kobo, per share. Cutix followed with a gain 7.69 per cent to close at N1.82, while Dangote Sugar Refinery rose by 5.17 per cent to close at N12.20, per share.
Mutual Benefits Assurance went up by 4.76 per cent to close at 22 kobo, while Airtel Africa appreciated by 3.44 per cent to close at N340.00, per share. On the other hand, Julius Berger led the losers’ chart by 9.88 per cent, to close at N15.50, per share. Nigerian Breweries followed with a decline of 9.84 per cent to close at N30.70, while Linkage Assurance lost 9.80 per cent to close at 46 kobo, per share.
Wapic Insurance lost 9.09 per cent to close at 30 kobo, while Caverton Offshore Support Group shed 6.15 per cent each to close at N1.83, per share.
The total volume of trade was flat at 208.210 million units, valued at N1.762 billion and exchanged in 3,648 deals. Transactions in the shares of Sterling Bank topped the activity chart with 77.189 million shares valued at N95.713 million. United Bank for Africa (UBA) followed with 19.823 million shares worth N119.991 million, while Zenith Bank traded 15.953 million shares valued at N247.898 million.
FBN Holdings (FBNH) traded 12.856 million shares valued at N64.971 million, while FCMB Groups transacted 9.344 million shares worth N17.739 million.