The Nigerian stock market closed the transaction for the first trading day in August on a positive note, thereby extending the positive sentiment to two consecutive trading sessions, as investors gained N30 billion.
Bargain hunters’ buying interest, particularly in the banking sector majorly led to the positive performance in yesterday’s trading period, as investors continue to assess the published first half (H1) performance of some of the companies and await the release of more.
In summary, the All-Share Index (ASI) grew by 57.64 absolute points, representing an increase of 0.15 per cent, to close at 38,604.72 points. Similarly, the overall market capitalisation value grew by N30 billion to close at N20.114 trillion.
The market positive performance was driven by price appreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Julius Berger, Unilever Nigeria, NASCON Allied Industries and NPF Microfinance Bank.
This week, analysts at United Capital Plc expect investors to react to the late flurry of results that came into the market last week.
“That said, we expect to see a tight trading week as investors continue to take profits of the table while others consider decent entry prices into large cap banking stocks yet to publish their H2, 2021 scorecards,” they said.
However, investor sentiment as measured by market breadth was negative, as 26 stocks declined while 17 gained. Julius Berger Nigeria recorded the highest price gain of 8.89 per cent to close at N24.50, per share. NPF Microfinance Bank followed with a gain eight per cent to close at N1.89, while Regency Alliance Insurance went up by 7.14 per cent to close at 45 kobo, per share.
Linkage Assurance rose by 6.67 per cent to close at 64 kobo, while Mutual Benefits Assurance gained 5.41 per cent to close at 39 kobo, per share. On the other hand, Eterna led the losers’ chart by 10 per cent to close at N6.39, per share. Neimeth International Pharmaceuticals followed with a decline of 9.71 per cent to close at N1.58, while Tripple Gee & Company lost 9.09 per cent to close at 90 kobo, per share.
Dangote Sugar Refinery lost 5.41 per cent to close at N17.50, while Lafarge Africa shed 5.02 per cent to close at N21.75, per share.
The total volume of trade fell by 36.9 per cent to 244.288 million units, valued at N1.908 billion and exchanged in 4,609 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 40.263 million shares valued at N40.005 billion. C&I Leasing followed with 26.097 million shares worth N12.261 million while FCMB Group traded 17.715 million shares valued at N55.724 million.
Oando traded 11.761 million shares valued at N57.235 million while Sovereign Trust Insurance transacted 8.215 million shares worth N2.188 million.