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Equities Market Opens Trading Week With N57bn Gain

by Olushola Bello
12 months ago
in Business
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Trading activities in the domestic equities market yesterday gained N57 billion to start this week on a positive note, supported by investors’ demand for Oando Plc and 31 others.

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The All-Share Index (ASI) gained 100.00 points, representing a gain of 0.59 per cent to close at 98,558.79 points. Also, market capitalisation rose by N57 billion to close at N56.635 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Oando, United Bank for Africa (UBA), Guinness Nigeria, Access Holdings and Africa Prudential.

Looking forward, United Capital Plc said “the equities market is expected to retain its buy interest as investors cherry-pick undervalued stocks.

“Notably, 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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Fund managers and businesses may begin to entertain mid-long-term investment objectives, cherry-picking only sound equities with strong fundamentals and ongoing corporate actions. This strategy will maximise market opportunities, thereby optimising portfolio returns.”

As measured by market breadth, market sentiment was positive, as 32 stocks gained, relative to 23 decliners. Abbey Mortgage Bank, Africa Prudential and Secure Electronic Technology emerged the highest price gainer of 10 per cent each to close at N2.75, N9.90 and 66 kobo respectively, per share. Tripple Gee & Company followed with a gain of 9.93 per cent to close at N4.54, while Deap Capital Management & Trust appreciated by 9.91 per cent to close at N4.54, per share.

On the other side, Ellah Lakes led others on the losers’ chart with 9.96 per cent to close at N4.43, per share. NEIMETH International Pharmaceuticals followed with a decline of 9.81 per cent to close at N1.93, while Academy Press shed 9.78 per cent to close at N2.86, per share.

Caverton Offshore Support Group depreciated by 9.70 per cent to close at N2.42, while University Press dipped by 8.44 per cent to close at N2.17, per share.

The total volume traded increased by 132.95 per cent to 1.857 billion units, valued at N111.580 billion, and exchanged in 10,583 deals. The jump in trade metrics was due to Tolaram’s acquisition of Diageos 58.02 per cent shareholding in Guinness Nigeria Plc. It was an off-market trade executed on the stock of 1.2 billion units exchanged at a price of N81.60.

Transactions in the shares of Guinness Nigeria led the activity with 1.273 billion shares worth N103.868 billion. Japaul Gold & Ventures followed with account of 182.752 million shares valued at N463.375 million, while UBA traded 45.196 million shares valued at N1.279 billion.

Access Holdings traded 34.888 million shares worth N707.411 million, while Veritas Kapital Assurance traded 30.418 million shares worth N45.233 million.

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