Equities Market Strengthens Further,  Gains N268bn

Nigeria’s equities market furthered its northward movement yesterday,  after rising by 0.95 per cent or N268billion.

This is the second day of gains having opened the week strong the previous day when investors gained by N137 billion.

This week, United Capital Plc said: “we expect bullish sentiments to resurface, as investors look to take advantage of fundamentally sound stocks with low pricings, with Q1, 2023 earnings season already underway. However, we see room for pockets of profit-taking activities.”

The market’s positive close was driven by TotalEnergies Plc, Cadbury Nigeria Plc, Honeywell Flour Mills Plc, Livestock Feeds Plc and Academy Press Plc.

TotalEnergies led the pack of advancers after its price rose from N197.80 to N217.50, adding N19.70 or 9.96 per cent. It was followed by Honeywell Flour Mills which rose from N2.55 to N2.80, adding 25kobo or 9.80percent, and Cadbury which increased from N10.20 to N11.20, up by N1 or 9.80per cent.

At the close of trading session, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from preceding trading day lows of 51,606.49 points and N28.099trillion to 52,097.62 points and N28.367trillion.

The stock market’s positive return year-to-date (YtD) increased to 1.65 per cent. This month, the market has decreased by 3.94 per cent. Week-to-date (WtD), the market has risen by 1.44 per cent.

Transcorp, ALEX, Access Corporation, UBA, and Fidelity Bank shares were most traded as investors in 5,109 deals exchanged 6,476,207,310 shares valued at N19.471billion.