Investors Gain N58bn In Equities Market’s Positive Trend
Umoru Abdulkadir
The Nigerian Equities Market ended Friday’s trading Northward as equities investors gained N58 billion to close the week’s trading at N13.027 trillion.
Accordingly, while the All-Share Index inched up 119.33 basis points or 0.44 per cent to settle at 26,991.42 in contrast to 26,872.09 recorded the previous trading day, the market capitalisation of listed equities which opened N12.969 trillion closed higher at N13.027 trillion.
Consequently, despite the market closing in the green territory, the market breadth which measures investors’ sentiment in stocks closed negative as Nestle led 14 gainers against 18 losers topped by Nigeria Breweries in equities value terms, while the market negative year-to-date returns moderated to -14.12 per cent.
A breakdown of the price movement chart showed that Nestle led the performing stocks by value, when it appreciated by N100 to close at N1, 250 per share. It was trailed by Okomuoil with a 500 kobo gain to finish at N55 per share. Forte Oil nicked 150 kobo to close at N18.10 per share.
While Cement Company of Northern Nigeria grew bu100 kobo to close at N19, Ikeja Hotel gained 11 kobo to close at N1.25 per share, rounding off the table for the top five gainers.
Conversely, Nigerian Breweries led the worst performing stocks losing 100 kobo to close at N50.50 per share. Dangote Cement followed with a loss of 50 kobo to close at N144.40, Dangote Sugar shed 35 kobo to close at N12.75 per share.
Access Bank declined by 10 kobo to close at N10.05, while Lafarge Africa also dipped 10 kobo to close at N14.30 per share, among others.
The activity chart showed that the banking stocks emerged most active as Access Bank traded, 27.30 million shares worth N276.56 million. Zenith Bank exchanged 26.12 million shares valued at N487.45 million. Fidelity Bank came third accounting for 15.64 million shares worth N31.67 million.
While Guaranty Trust Bank made a turnover of 15.59 million shares valued at N460.11 million, AIICO Insurance sold12.66 million shares worth N9.02 million.
Overall, stock investors traded 207.40 million shares worth N2.84 billion in 3,630 deals in contrast to 239.22 million shares valued at N2.28 billion achieved in 3,585 deals the preceding day.
Commenting on the market outlook, Analyst at Ecobank, Kunle Ezun said, “We expect investors to take position in high valued stocks with quality names and dividend yielding stocks in prospect for higher gains as prices remain attractive at current levels.
“Investors’ appetite to buy at this moment is high, as stocks with quality names attracts buy interest. Looking ahead, we expect the positive trend to continue.”
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