Stock Market Gains N167.23bn as Investors Renew Interest in Presco, 17 Others

Kayode Tokede

The Nigerian stock yesterday opened the new week strong as investors’ renewed interest in Presco Plc and 28 others to push market capitalisation by N167.23billion.

Specifically, the Nigerian Exchange Limited All-Share Index (NGX ASI) gained 295.00 basis points or 0.30 per cent to close at 99,966.28 basis points from 99,671.28 basis points it opened for trading.

Also, market capitalisation rose by N167.23 billion to close at N56.608 trillion from N56.441 trillion it close for trading last week.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Presco, MTN Nigeria Communications (MTNN), Zenith Bank, United Capital and Ikeja Hotels.

As measured by market breadth, market sentiment was positive, as 29 stocks gained relative to 16 losers. Cutix emerged the highest price gainer of 9.96 per cent to close at N5,08, per share. Ikeja Hotels followed with a gain of 9.45 per cent to close at N6.95, while Royal Exchange advanced by 8.96 per cent to close at 73 kobo, per share.

SUNU Assurance went up by 8.40 per cent to close at N1.29, while Red Star Express appreciated by 8.15 per cent to close at N4.38, per share.

On the other side, Chellarams led others on the losers’ chart with 9.76 per cent to close at N3.70, per share. Abbey Mortgage Bank followed with a decline of 7.04 per cent to close at N2.51, while Jaiz Bank shed 5.78 per cent to close at N2.12, per share.

Ellah Lakes lost 5.36 per cent to close at N3.00, while International Breweries depreciated by 4.20 per cent to close at N3.88, per share.

The total volume of trades decreased by 13.89 per cent to 362.430 million units, valued at N7.368 billion, and exchanged in 8,405 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) led the activity with 66.901 million shares worth N3.065 billion. Access Holdings followed with account of 44.495 million shares valued at N854.417 million, while FCMB Group traded 26.736 million shares valued at N203.084 million.

Japaul Gold & Ventures traded 21.447 million shares worth N41.679 million, while UACN traded 20.326 million shares worth N287.791 million.

Looking forward, analysts at United Capital Plc, stated that “the equities market is expected to show mixed performance as investors adopt opportunistic investment strategies. We foresee selective buying of fundamentally strong stocks continuing into the upcoming week.

“Market activity is anticipated to rise due to ongoing banks’ recapitalization efforts, Q2 filings, and anticipated corporate actions in the near term. Conversely, elevated interest rates in the fixed income market are likely to exert a negative influence on equities as investors capitalize on higher fixed income yields. Overall, fund managers and investors are advised to maintain an opportunistic approach to capitalize on prevailing market opportunities.”