By OLUSHOLA BELLO |
The Nigerian Equities market, yesterday closed trading session on a positive inscription for the third consecutive day, as investors investment up by N180 billion.
The All-Share Index (ASI) grew by 345.79 absolute points, representing an increase of 0.83 per cent to close at 41,930.73 points. Also, the overall market capitalisation value gained N180 billion to close at N21.934 trillion.
The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Airtel Africa, MTN Nigeria Communications (MTNN), Lafarge Africa, Julius Berger and Fidson Healthcare.
Cordros Capital Limited said that “Pre-MPC meeting, we observed that the upward repricing of yields on long-dated bonds triggered reduced appetite for equities among domestic institutional investors. With the MPC maintaining the ‘lower-for-longer’ theme for rates, we expect a positive reaction in the equities market.
“Accordingly, we expect risk-averse investors to recalibrate their portfolio towards fundamentally sound stocks with attractive dividend yields. With the eagerly anticipated MPC meeting out of the way, we now expect investors’ attention to be focused on bond auction results as they seek clues on the direction of yields in the forex market.”
Market sentiment, as measured by market breadth, was positive, as 35 stocks gained, relative to 21 losers. Consolidated Hallmark Insurance and Guinea Insurance recorded the highest price gain of 10 per cent each, to close at 44 kobo and 22 kobo, respectively, while Fidson Healthcare followed with a gain 9.90 per cent to close at N5.55, per share.
Champion Breweries went up by 9.79 per cent to close at N2.58, while Lasaco Assurance appreciated by 9.76 per cent to close at 45 kobo, per share. On the other hand, Skyway Aviation Handling Company led the losers’ chart by 10 per cent, to close at N2.88, per share. Cornerstone Insurance followed with a decline of 9.72 per cent, to close at 65 kobo, while Caverton Offshore Support Group shed 9.41 per cent to close at N1.83, per share.
Universal Insurance shed 8.70 per cent to close at 21 kobo, while FTN Cocoa Processors lost 8.33 per cent to close at 55 kobo, per share.
Also, the total volume of trades increased by 16.18 per cent to 543.597 million units, valued at N7.322 billion, and exchanged in 6,770 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 57.238 million shares valued at N61.017 million. Japaul Gold and Ventures followed with 52.041 million shares worth N40.275 million, while Zenith Bank traded 47.162 million shares valued at N1.243 billion.
FBN Holdings (FBNH) traded 38.076 million shares valued at N284.687 million, while United Bank for Africa (UBA) transacted 32.535 million shares worth N291.729 million.