Equities Market Opens Trading Week With N193bn Gain

Trading activities in the domestic equities market yesterday gained N193 billion to start this week on a positive note, supported by investors’ demand for Cadbury Nigeria Plc and 52 others.

The All-Share Index (ASI) gained 305.67 points, representing a gain of 0.25 per cent to close at 121,295.33 points. Also, market capitalisation rose by N193 billion to close at N76.532 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Cadbury Nigeria, Nigerian Exchange Group, First HoldCo, UACN and Meyer.

Looking ahead, analysts at Coronation said, “the market is likely to trade within a narrow range and be slightly positive as investors position ahead of the half-year earnings season.

While intermittent profit-taking may limit further gains, improved foreign investor participation, resilient corporate earnings expectations, and sustained rotation into consumer goods and banking stocks could continue to support overall market strength in the near term.”

Investor sentiment, as measured by market breadth closed positive as 53 stocks advanced, while 23 declined. Cadbury Nigeria, Ellah Lakes and Tripple Gee & Company emerged the highest price gainer of 10 per cent each to close at N53.35, N8.91 and N2.97 respectively, per share.

Red Star Express followed with a gain of 9.92 per cent to close at N9.20, while Nigerian Exchange Group appreciated by 9.91 per cent to close at N51, per share.

On the other side, Sunu Assurance led others on the losers’ chart with 10 per cent to close at N4.50, per share. RT Briscoe Nigeria followed with a decline of 9.59 per cent to close at N3.30, while Prestige Assurance shed 9.09 per cent to close at N1.20, per share.

UPDC depreciated by 8.23 per cent to close at N4.35, while Berger Paints Nigeria dipped by 7.58 per cent to close at N30.50, per share.

The total volume traded declined by 10.8 per cent to 824.103 million units, valued at N14.439 billion, and exchanged in 24,042 deals. Transactions in the shares of Universal Insurance led the activity with 71.922 billion shares worth N48.942 million. FCMB Group followed with account of 61.384 million shares valued at N564.777 million, while Japaul Gold & Ventures traded 53.341 million shares valued at N136.083 million.

Access Holdings traded 42.023 million shares worth N942.813 million, while AIICO Insurance traded 40.101 million shares worth N64.841 million.