Equities Market Sustains Bullish Outlook, Up 0.14%

UMORU ABDULKADIR

With the trio of Access, Zenith and UBA being in their best elements, transactions on the Nigerian Stock Exchange (NSE) went bullish, sustaining the positive trend on Wednesday with both the market capitalization and the all-Share index growing by 0.14 per cent.

While the market capitalisation appreciated by N18 billion or 0.14 per cent to settle at N12.923 trillion in contrast with the N12.905 trillion recorded the previous day, the All-Share Index, which opened at 26,739.44, increased by 36.71 basis points or 0.14 per cent to close at 26,776.15 points.

Wednesday’s positive performance was buoyed by gains posted by medium and large capitalised stocks of Nigerian Breweries, Conoil, United Bank Africa, FBN Holdings and Access Bank respectively.

Consequently, the market breadth closed positive with 24 price gainers and price 10 losers, while the Month-to-Date return rose to +1.60 per cent, and the Year-to-Date returns moderated to -14.81 per cent.

A look at the price movement chart showed that Chams led the best performing stocks percentagewise, when it hitched up 10 per cent, to settle at 33 kobo per share. It was trailed by LearnAfrica 9.48 per cent appreciation to close trading at N1.27 per share. Conoil grew 9.47 per cent to close at N18.50 per share.

While Cornerstone Insurance reported a 9.38 per cent appreciation, closing at 70 kobo, NPF Microfinance Bank advanced by 9.09 per cent to close at N1.20 per share.

On the flip side, National Salt Company of Nigeria topped the worst performers’ chart in terms of percentage when it shed 5.72 per cent to close at N14 per share.

Lasaco Assurance with a 3.57 per cent loss followed when it closed at 27 kobo, while Wapic Insurance dropped 2.86 per cent to close at 34 kobo per share.

Unity Bank lost 2.78 per cent to close at 70 kobo per share, while AIICO Insurance lost 2.74 per cent to close at 71 kobo per share.

Overall, the total volume of shares traded decreased by 32.22 per cent to 267.31 million shares valued at N3.05 billion in 4,074 deals.

Access Bank, UBA and Zenith Bank were the most active to boost market turnover. Access and Zenith Bank topped market value list.

Consequently, Access Bank was the most traded stock with an exchange of 63.53 million valued at N643.70 million. UBA followed with a total of 44.86 million shares worth N338.65 million, while Zenith Bank traded 24.09 million shares valued at N451.63 million.

FBN Holdings accounted for 16.82 million shares valued at N119.31 million, while

Guaranty Trust Bank transacted 14.26 million shares worth N414.07 million.

On this sustained positive outlook, Mr. Johnson Chukwu, an analyst at Cowry Asset securities limited said the market would experience mixed performance, profit-taking in value stocks in the remaining part of the week.

Chukwu attributed the changing sentiments to expectation of improved liquidity as well as drop in interest rates in the money market ahead of next week’s MPC meeting.