Investors Gain N1.36trn As Q4 Earnings Boost Equities Market

The Nigerian equities market closed on a strong note on Wednesday, with investors recording gains of N1.366 trillion, driven largely by robust fourth-quarter earnings releases from key listed companies.

The All Share Index (ASI) advanced by 2,128.61 points, representing a 1.28 per cent increase, to settle at 168,030.18 points. Consequently, market capitalisation rose by N1.366 trillion to close at N107.861 trillion.

The rally was supported by price appreciation in medium and large capitalised stocks, including Aradel Holdings, MTN Nigeria Communications, Skyway Aviation Handling Company, Lafarge Africa and Dangote Cement.

Commenting on market outlook, analysts at Futureview Group said the market is expected to trade within a narrow range amid portfolio rebalancing activities, noting that gains may persist in select stocks on the back of positive earnings releases or corporate news.

Market sentiment closed positive, with 53 gainers outweighing 26 losers. Berger Paints Nigeria, Daar Communications, R.T. Briscoe and Fortis Global Insurance topped the gainers’ chart, each rising by 10 per cent to close at N66.00, N1.87, N10.45 and 22 kobo per share, respectively.

First HoldCo followed closely with a gain of 9.92 per cent to close at N48.75, while Zichis Agro-Allied Industries appreciated by 9.88 per cent to close at N5.56 per share.

On the downside, DEAP Capital Management & Trust and Red Star Express led the losers, shedding 9.97 per cent each to close at N6.86 and N17.15 per share, respectively. McNichols declined by 9.93 per cent to close at N6.53 per share.

Similarly, eTranzact International and Omatek Ventures depreciated by 9.89 per cent each, closing at N16.85 per share.

Despite the positive close, total trading volume declined by 5.66 per cent to 694.788 million units valued at N20.569 billion, exchanged in 42,095 deals.

Chams Holding Company topped the activity chart with 57.444 million shares worth N256.313 million. Universal Insurance followed with 56.223 million shares valued at N88.757 million, while First HoldCo recorded trades of 35.330 million shares valued at N1.671 billion.

DEAP Capital Management & Trust traded 26.788 million shares worth N187.003 million, while Wema Bank exchanged 26.662 million shares valued at N674.586 million.