Stocks Gain N20bn over Sustain Rally in Nigerian Exchange

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Stocks Gain N20bn over Sustain Rally in Nigerian Exchange

Stocks Gain N20bn over Sustain Rally in Nigerian Exchange

Equities segment of the Nigerian Exchange (NGX) started the week on a positive note as buying interests of selected stocks drove the market Index up by 0.07% to close at 54,364.67 points

Following a sustained rally, stock market capitalisation appreciated by N20 billion, driven by positive price movements in banking, and cement company shares amongst others.

Market data show that the All Share Index (ASI) rose by 37.37 points, representing a gain of 0.07 per cent to close at 54,364.67 as against 54,327.30 recorded on Friday. Also, investors gained N20 billion in value as market capitalisation rose to N29.611 trillion, compared with N29.590 trillion recorded in the previous trading.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Conoil, MRS Oil Nigeria, Vitafoam Nigeria, Lafarge Africa and Zenith Bank.

This week, United Capital Plc said “we expect the depressed interest rate environment to continue to favour the equities market in line with our expectations for Q1, 2023. We note that the profit-taking activities seen during the week serve as a caution to market participants as the bears may fully resume.”

Market breadth closed positive as 18 stocks posted gains while eight declined. Conoil recorded the highest price gain of 9.98 per cent to close at N35.25, per share. MRS Oil Nigeria followed with a gain 9.24 per cent to close at N23.00, while Chams Holding Company went up by 8.00 per cent to close at 27 kobo per share.

GlaxoSmithKline Consumer Nigeria went up by 6.25 per cent to close at N6.80, while Champion Breweries appreciated by 6.22 per cent to close at N4.78, per share. On the other hand, Computer Warehouse Group (CWG), led the losers’ chart by 9.18 per cent to close at 89 kobo per share.

Fidelity Bank followed with a decline of 2.87 per cent to close at N5.42, while Nigerian Aviation Handling Company (NAHCO) went down by 2.38 to close at N8.20 per share.

FBN Holdings (FBNH) lost 1.69 per cent to close at N11.65, while Union Bank of Nigeria (UBN) shed 0.75 per cent to close at N6.65 per share. The total volume traded fell by 19.8 per cent to 140.841 million shares, worth N3.159 billion, and traded in 3,553 deals.

Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 28.624 million shares valued at N239.736 million. Guaranty Trust Holding Company (GTCO) followed with 22.878 million shares worth N575.257 million, while Access Holdings traded 14.743 million shares valued at N134.235 million.

Zenith Bank traded 12.598 million shares valued at N319.219 million, while Chams Holding Company transacted 5.451 million shares worth N1.456 million.

Today, sectoral performance was broadly positive, as the Oil & Gas (+1.0%), Banking (+0.6%), Insurance (+0.5%), Industrial Goods (+0.1%), and Consumer Goods (+0.1%) indices recorded gains. # Stocks Gain N20bn over Sustain Rally in Nigerian Exchange

>>>Naira Depreciates to N462 at Investors, Exporters FX Window

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