Stock market closes positive, driven by Tier-1 bank investors

By Philemon Adedeji

Trading activities on the Nigerian Exchange Limited closed positive driven by gains recorded in Tier-1 bank investors which are Zenith Bank (+0.46 per cent), FBNH (+7.18 per cent) and ACCESS CORPORATION (+10.00 per cent) outweighed losses in GTCO (-0.60 per cent), WAPCO (-1.71 per cent) and Nigerian Breweries (NB) (-0.14 per cent per cent. Nonetheless, having gained in three (3) of four (4) trading sessions this week, the ASI closed 1.04 per cent lower w/w.

The NGX All-Share Index (ASI) closed by 177.33 basis points representing 0.35 per cent higher at 51,355.74 points from 51,178.41 points it closed previous trading.

Over the course of the week, losses in MTNN (-6.67 per cent w/w), SEPLAT Energy (-3.02 per cent w/w) and Zenith bank (-12.20 per cent w/w) were the primary drivers of the broader index’s weak performance offsetting gains in GTCO (+2.46 per cent w/w), FBNH (+7.18 per cent w/w) and STANBIC (+3.19 per cent w/w).

Consequently, the ASI year-to-date (YTD) rose to 0.20 per cent, while the market capitalisation lost N304.49 billion w/w to close at N27.96 trillion.

Analysis of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 27.06 per cent.

For the fourth consecutive session, Transntional Corporation (+9.87 per cent) led the volume chart with 240.55m units traded. The stock received positive sentiment following the recent acquisition of a 5.52 per cent stake in the company by Femi Otedola. Hence, the stock maintained the position of the most sought after stock throughout the week.

In addition, the release of FY 2022 audited results and dividend declaration of ACCESS CORPORATION led to it leading the value chart in deals worth N1.49 billion.

The trade volume increased to 600,778,307 million shares worth N5.054 billion were exchanged in 4,309 deals.

The market sentiments as measured by market breadth closed positive as 28 stocks led gainers on the leaders chart against 16 stocks that led the losers on the laggards log.

On the advancers chart, Access Corporation and Transcohot emerged as the best price gainer which rose by 10.00 per cent each increased to close at N9.90 and N7.15 per share respectively, while Fidelity Bank which followed grew by 9.87 per cent to close at N2.45 per share.

First City Monument Bank which recorded as the last fourth gainer appreciated by 9.85 per cent to close at N5.80 per share, while Ikeja Hotel which recorded as the last fifth gainer went up by 9.80 per cent to close at N3.81 per share.

On the laggards log, Champion Breweries came as the most price loser which depreciated by 9.96 per cent to at N4.43 per share, closely followed by Jaiz Bank which suffered 8.42 per cent to close at N0. 87 per share, while Cutix Plc went down by 4.35 per cent to close at N2.20 per share.

Caverton Offshore which recorded as the last fourth loser shed 2.91 per cent to close at N1.00 per share, while Eternal Oil which recorded as the last fifth loser dipped by 5.80 per share to close at N2.51 per share.

Transaction in the shares of Transnational Corporation topped the activities chart with 240.553 million shares worth N589.357 million, Access Corporation which followed transacted 152.138 million shares valued at N1.489 billion, while United Bank for Africa (UBA) traded 39.191 million shares valued at N308.728 million.

Fidelity Bank exchanged 22.361 million shares worth N125.472 million, while Zenith Bank traded 18.114 million shares worth N39.726 million.