Investors’ Interest in Zenith Bank, 22 Others Lift  Stock Market

Kayode Tokede

The stock market yesterday saw a bullish performance as investors buy interest in Zenith Bank Plc and 22 others led the 0.03 per cent marginal increase in Nigerian Exchange Limited All-Share Index (NGX ASI).

As Zenith Bank appreciated by 1.4 per cent to close at N37.50 per share, the NGX ASI rose by 29.20basis points or 0.03 per cent to close at 100,568.60 basis points.

Thus, the stock market’s Month-to-Date and Year-to-Date returns increased to +0.5per cent and +34.5per cent, respectively.

Accordingly, market capitalisation appreciated by N16 billion to close at N56.945 trillion.

As measured by market breadth, market sentiment closed positive, as 23 stocks gained relative to 15 losers.

 Tantalizer recorded the highest price gain of 8.89 per cent to close at 49 kobo, per share. Livestock Feeds followed with a gain of 8.18 per cent to close at N2.38, while NEIMETH International Pharmaceuticals rose by 8.05 per cent to close at N1.88, per share.

NcNichols went up by 7.92 per cent to close at N1.09, while Julius Berger appreciated by 5.71 per cent to close at N92.50, per share.

On the other hand, Caverton Offshore Support Group led the losers’ chart by 9.68 per cent, to close at N1.40, per share. Royal Exchange followed with a decline of 6.94 per cent to close at 67 kobo, while Veritas Kapital Assurance declined by 4.72 per cent to close at N1.01, per share.

International Breweries depreciated by 4.42 per cent to close at N3.68 and Honeywell Flour Mills declined by 4.23 per cent to close at N3.17, per share.

The total volume traded declined by 44.41 per cent to 335.705 million units, valued at N3.717 billion, and exchanged in 8,760 deals.

Transactions in the shares of Ellah Lakes topped the activity chart with 110.677 million shares valued at N332.017 million. Universal Insurance followed with 21.891 million shares worth N7.481 million, while United Capital traded 20.066 million shares valued at N778.614 million.

Veritas Kapital Assurance traded 19.454 million shares valued at N20.195 million, while FCMB Group sold 14.732 million shares worth N112.203 million.

Looking forward, United Capital Plc said “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.”