Index crosses 80,000 mark, as investors gain N363b

.Index crosses 80,000 mark, as investors gain N363b

It was cheery news on the trading floor of the Nigerian Exchange Limited (NGX ) yesterday, as index crossed 80,000 mark to close at 80, 328.58 points.

The index appreciated by 663.92 points or 0.8 per cent to close at 80,328.59 from 79, 664.66 achieved last week. Also, the market capitalisation of listed equities gained N363 billion to close at N43.957 trillion, from last Friday’s N43.594 trillion. Consequently, year-to-date (YTD) return stands at 7.43 per cent.

Yesterday’s upturn was driven by price appreciation in large and medium capitalised stocks amongst which are Presco, Conoil, Okomuoil, Julius Berger, Lafarge WAPCO, GTCO, NAHCO, Ecobank TransNational Incorporated and Transnational Corporation (Transcorp).

Reacting on the performance, United Capital Plc stated: “In January 2024, we expect the Bulls to prevail, as bargain hunting continues. Given the global developments across major central banks in advanced economies, high base expectations for inflation, and improved economic growth prospects, we expect the local bourse to record a positive performance this new week.

“Investors may continue to cherry-pick stocks with strong fundamentals, (value or growth). However, value stocks may be choice for dividend scouting investors, ahead of full year, 2023 earnings season. At different intervals, we expect mild sell-offs, albeit insignificant.”

As measured by market breadth, market sentiment was positive, as 54 stocks gained relative to 18 losers. Cornerstone Insurance, Cutix, Julius Berger, Lasaco Assurance, Omatek Ventures and Jaiz Bank emerged the highest price gainer of 10 per cent each to close at N1.87 kobo N2.75 kobo, N46.75 kobo, N2.42 kobo, 99 kobo and N2.53 kobo.

Wema Bank followed with a gain of 9.89 per cent to close at N8.11 kobo while BUA Foods advanced by 9.29 per cent to close at N152.90 kobo.

AXA Mansard Insurance rose by 6.85 per cent to close at N3.90 kobo while Sterling Financial Holdings Company and Royal Exchange appreciated by 9.88 per cent each to close at N6.34 and 89 kobo.

On the other hand, DAAR Communications led others on the losers’ chart with 9.30 per cent to close at N1.17 kobo. Eterna followed with a decline of 9.30 per cent to close at N15.05 kobo while CWG shed 7.05 per cent to close at N8.30 kobo.

PZ Cussons Nigeria lost 6.90 per cent to close at N27. Fidelity Bank depreciated by 5.99 per cent to close at N13.35 kobo.

The total volume traded increased by 33.3 per cent to 1.19 billion units, valued at N15.26 billion, and exchanged in 16,081 deals.

Transactions in the shares of Transcorp led the activity with 298.303 million shares worth N4.078 billion.

FCMB Group followed with account of 106.053 million shares valued at N1.084 billion, while Fidelity Bank traded 87.654 million shares valued at N1.189 billion.

Sterling Financial Holdings Company traded 62.547 million shares worth N395.09 million, while Unity Bank traded 32.566 million shares worth N82.329 million.