The Nigerian equities market opened July on a strong positive note as investors yesterday gained a whopping gain of N534 billion on the first trading day in the month.
Accordingly, the All Share Index (ASI) gained by 980.97 points, representing a growth of 1.61 per cent to close at 61,949.24 points. Also, market capitalisation gained N534 billion to close at N33.732 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Conoil, MTN Nigeria Communications (MTNN), MRS Oil Nigeria, Guaranty Trust Holding Company (GTCO) and NASCON Allied Industries.
This week, analysts at United Capital Plc said: “we expect the bullish sentiments in the equities market to persist on the back of the attractiveness of the market over the depressed rates in the fixed-income market.
“Also, we believe the positive sentiments around the new policies to continue to drive the rally in the market. Lastly, we expect investors to begin to take positions ahead of the upcoming of Q2, 2023 earnings season.”
As measured by market breadth, market sentiment was positive, as 67 stocks gained relative to 13 losers. Eterna, Meyer, Fidelity Bank, Japaul Gold & Ventures, Linkage Assurance and University Press recorded the highest price gain of 10 per cent each to close at N23.10, N2.64, N7.70, 77 kobo, 77 kobo and N2.75 respectively, per share.
Transnational Corporation (Transcorp) followed with a gain of 9.97 per cent to close at N3.86, while Access Holdings rose by 9.94 per cent to close at N18.25, per share.
On the other hand, Tripple Gee & Company led the losers’ chart by 9.87 per cent, to close at N3.38, while Secure Electronic Technology and Cornerstone Insurance followed with a decline of 9.09 per cent each to close at 30 kobo and N1.00 respectively, per share.
Associated Bus Company depreciated by 6.82 per cent to close at 41 kobo, while Julius Berger declined by 3.23 per cent to close at N30.00 49, per share.
The total volume traded rose by 20.78 per cent to 1.205 billion units, valued at N14.04 billion, and exchanged in 12,128 deals. Transactions in the shares of FCMB Group topped the activity chart with 173.808 million shares valued at N930.697 million. United Bank for Africa (UBA) followed with 160.674 million shares worth N2.119 billion, while Access Holdings traded 132.519 million shares valued at N2.384 billion.
Jaiz Bank traded 80.638 million shares valued at N138.393 million, while Transcorp sold 74.964 million shares worth N285.248 million.
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