Stock Market Opens Week Strong By N376bn

At the start of the week, the Nigerian stock market yesterday gained N376 billion, buoyed by bullish sentiments in Seplat Energy Plc and 30 others

Accordingly, the All Share Index (ASI) gained by 630.33 points, representing a growth of 0.63 per cent to close at 98,690.61 points. Also, market capitalisation gained N376 billion to close at N59.801 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat Energy, Nestle Nigeria, Northern Nigeria Flour Mills (NNFM), Oando and PZ Cussons Nigeria.

Looking forward, United Capital Plc said that “the equities market is expected to retain its buy interest as investors cherry-pick undervalued stocks. However, given the sentiment that rates might have peaked in the fixed income and money markets and investors locking in on current rates, we expect some bearish undertone to persist in the equities market.

“Nevertheless, the Bulls will remain incentivized to persist in bargain hunting, given the tremendous mid-long-term opportunities in the equities market.”

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As measured by market breadth, market sentiment was positive, as 31 stocks gained relative to 17 losers. DAAR Communication and Ikeja Hotels recorded the highest price gain of 10 per cent each to close at 66 kobo and N7.70 respectively, while Seplat Energy followed with a gain of 9.99 per cent to close at N5,738.20, per share.

PZ Cussons Nigeria went up by 9.90 per cent to close at N21.65, while Champion Breweries appreciated by 9.65 per cent to close at N3.75, per share. On the other hand, Regency Alliance Insurance led the losers’ chart by 8.20 per cent, to close at 56 kobo, per share. Secure Electronic Technology followed with a decline of 6.45 per cent to close at 58 kobo, while C&I Leasing declined by 5.01 per cent to close at N3.60, per share.

Omatek Venture depreciated by 4.55 per cent to close at 63 kobo, while Deap Capital Management & Trust declined by 3.82 per cent to close at N1.26, per share.

The total volume traded increased by 12.87 per cent to 405.023 million units, valued at N27.569 billion, and exchanged in 8,281 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 138.146 million shares valued at N3.601 billion.Sterling Financial Holdings Company followed with 39.558 million shares worth N193.016 million, while Access Holdings traded 29.946 million shares valued at N598.896 million.

Nigerian Breweries traded 23.392 million shares valued at N654.829 million, while FCMB Group sold 20.158 million shares worth N169.366 million.