Investors gain N95bn on NGX to close May positive
By Kayode Tokede
Investors on the Nigerian Exchange Limited equities market on Monday gained N94.29billion as transactions closed on a bullish note to end the last trading day of May positive.
In summary, the All-Share Index (ASI) increased by 180.93 basis points, representing a growth of 0.47 per cent to close at 38,437.88 basis points, while the overall market capitalisation value gained N95 billion to close at N20.035 trillion.
Sector performance was positive today with Industrial (+1.13 per cent), Banking (+0.14 per cent) and Oil and Gas (+0.01per cent) sectors all closing positively, while Consumer Goods (-0.21 per cent) sector was the lone loser.
The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Cement, MTN Nigeria Communications (MTNN), MRS Oil Nigeria, Vitafoam Nigeria and Julius Berger Nigeria.
However, the market breadth closed negative as 23 stocks lost, relative to 18 gainers. MRS Oil Nigeria recorded the highest price gain of 9.57 per cent to close at N12.60, per share. Vitafoam Nigeria followed with a gain 8.91 per cent to close at N11.00, while Chams rose by 5 per cent to close at 21 kobo, per share.
PZ Cussons Nigeria rose by 3.77 per cent to close at N5.50, while AIICO Insurance gained 3.45 per cent to close at N1.20, per share. On the other hand, Royal Exchange led the losers’ chart by 9.88 per cent to close at 73 kobo, per share. Consolidated Hallmark Insurance followed with a decline of 9.59 per cent to close at 66 kobo, while Neimeth International Pharmaceuticals lost 8.51 per cent to close at N1.72, per share.
Mutual Benefits Assurance lost 8.33 per cent to close at 44 kobo, while Regency Alliance Insurance shed 8.16 per cent each to close at 45 kobo, per share.
The total volume of trades decreased by 11.73 per cent to 201.857 million units, valued at N2.120 billion, and exchanged in 3,827 deals. Transactions in the shares of Veritas Kapital Assurance topped the activity chart with 29.780 million shares valued at N5.956 million. Fidelity Bank followed with 24.471 million shares worth N54.169 million, while Zenith Bank traded 20.927 million shares valued at N481.178 million.
Access Bank traded 15.401 million shares valued at N126.369 million, while FBN Holdings (FBNH) transacted 10.132 million shares worth N72.342 million.
Analysts at Investment One research said, “The equities market closed up today due to the gains recorded in 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.”
This week, analysts at United Capital Plc said “We expect a short term rebound in the equities market as sell pressures dissipate, giving room for the bulls to regain temporary control of the market in a tight trading week.
“In addition, the ASI is technically oversold and is due a temporary rebound. We also expect investor sell-offs and profit-taking in insurance stocks which rallied in the previous week.”
