Investors on equities market gain N324bn

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By Kayode Tokede

Investors on the equities market of the Nigerian Stock Exchange (NSE) on Wednesday further gained  N324 billion as the market extended its bullish run for the third consecutive day.

Specifically, the market capitalisation inched higher by N324 billion or 1.90 per cent to close at N17.38 trillion from N17. 059 trillion achieved on Tuesday.

Consequently, investors garnered N1.18 trillion in just three days of trading, with a growth of N641 billion and N212 billion on Monday and Tuesday respectively.

The All-Share Index increased by 621.26 basis points, representing a growth of 1.90 per cent, to close at 33, 268.36 basis points against 32, 647.10 basis points recorded on Tuesday.

Accordingly, Month-to-Date and Year-to-Date gains increased to 9.0 per cent and 23.94 per cent, respectively.

Sector performances were largely positive today as Banking (+4.07 per cent), Consumer Goods (+2.56 per cent), Oil & Gas (+1.27 per cent) and Industrial (+1.14 per cent) sectors all closed positively.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Nigerian Breweries, Presco, MTN Nigeria Communications (MTNN), Guinness and NASCON Allied Industries.

An analysis of the price movement chart shows that 51 stocks recorded price growth compared with seven losers.

Fidson Healthcare, Guinness, Neimeth International Pharmaceuticals and Sterling Bank led the gainers’ chart in percentage terms, gaining 10 per cent each, to close at N4.95, N20.90, N2.42 and N2.20 per share, respectively.

GlaxoSmithKline followed with 9.85 per cent to close at N7.25, while Oando rose by 9.82 per cent to close at N3.58 per share.

Conversely, Learn Africa topped the losers’ chart in percentage terms, losing 4.76 per cent to close at N1 per share.

C&I Leasing followed with a loss of 4.65 per cent to close at N4.10, while Stanbic IBTC declined by 4.17 per cent to close at N46 per share.

Linkage Assurance dropped 4.08 per cent to close at 47k, while Red Star Express shed 3.68 per cent to close at N3.40 per share.

In the same vein, the total volume of trade transacted rose by 48.27 per cent as investors bought and sold 858.16 million shares valued at N9.06 billion in 8,142 deals.

This was in contrast with 578.78 million shares worth N7.74 billion achieved in 7,651 deals on Tuesday.

Transactions in the shares of FBN Holdings topped the activity chart with 145.05 million shares valued at N1.08 billion.

Transcorp sold 126.26 million shares worth N141.21 million, while Zenith Bank traded 60.81 million shares valued at N1.52 billion.

United Bank for Africa accounted for 52.87 million shares worth N469.67 million, while Access Bank transacted 44.05 million shares worth N400.98 million.

“The equities market closed up today due to the gains recorded across major sectors.

“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns amidst a low-interest-rate environment. Nonetheless, we reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon,” said analysts at InvestmentOne Research.