Equities Gain N333bn On Increased Buying Interest In Presco, 34 Others

The Nigerian equities market yesterday sustained its positive momentum, as increased buying interest in Presco Plc and 34 others pushed the market further into the green.

The All Share Index (ASI) gained by 516.93 points, representing a growth of 0.31 per cent to close at 165,901.57 points. Also, market capitalisation rose N333 billion to close at N106.495 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Presco, Nigerian Exchange Group, Industrial & Medical Gases Nigeria (IMG), Zenith Bank and The Initiates Plc (TIP).

Imperial Asset Managers Limited said, “The increase in daily growth from the prior day’s 0.01 per cent to today’s 0.31 per cent suggests a strengthening of the current rally. The high volume in Guaranty Trust Holding Company (GTCO) and Zenith Bank indicates that institutional investors are active, providing necessary support for the index.”

The Firm added that “as we move further into the week, we expect the market to remain buoyed by selective positioning in dividend-yielding stocks and Tier-one banks, though intermittent volatility may persist in the insurance and tech sectors where sell pressure was evident today.”

Investor sentiment remained strong, with 35 gainers slightly outpacing 34 losers. Austin Laz & Company, IMG, Union Dicon Salt and Zichis Agro-Allied Industries recorded the highest price gains of 10 per cent each, closing at N4.07, N34.65, N9.90 and N5.06 per share, respectively.

R.T. Briscoe (Nigeria) followed with a gain of 9.95 per cent to close at N9.50, while Morison Industries was up by 9.93 per cent to close at N12.07 per share.

On the other hand, Cutix and Omatek Ventures led the losers’ chart by 10 per cent each to close at N3.15 and N2.43 respectively, while SUNU Assurance followed with a decline of 9.94 per cent to close at N4.62 per share.

DEAP Capital Management & Trust depreciated by 9.93 per cent to close at N7.62, while Chams Holding Company declined by 9.90 per cent to close at N4.37, per share.

Meanwhile, the total volume traded declined by 3.45 per cent to 736.438 million units, valued at N24.665 billion, and exchanged in 46,026 deals. Transactions in GTCO shares topped the activity chart, with 65.861 million shares valued at N6.524 billion. Chams Holding Company followed with 54.759 million shares worth N245.561 million, while Custodian Investment traded 49.817 million shares valued at N2.200 billion.

Universal Insurance traded 35.715 million shares valued at N51.063 million, while Zenith Bank sold 35.225 million shares worth N2.549 billion.