Anticipated Q1 earnings lift capitalisation by N14 billion
The Nigerian Exchange Limited (NGX) maintained bullish momentum, yesterday, as anticipation of improved first quarter (Q1) earnings pushed market capitalisation up by N14 billion.
At the end of transactions yesterday, the all-share index (ASI) inched higher by 25.21 absolute points, representing an increase of 0.05 per cent to close at 48,568.57 points while the overall market capitalisation gained N14 billion to close at N26.184 trillion.
The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are Seplat Energy, Nigerian Breweries, Presco, UAC of Nigeria (UACN) and Flour Mills of Nigeria.
On market performance, analysts at Afrinvest Limited said: “In the next trading session, we anticipate a mild bearish tilt to be driven by profit-taking activities.”
As measured by market breadth, market sentiment remained positive as 28 stocks gained while 23 others constituted the losers’ chart. Academy Press recorded the highest price gain of 10 per cent to close at N1.21 kobo.
Champion Breweries followed with a gain 9.78 per cent to close at N2.47 kobo while Meyer Plc gained 9.77 per cent to close at N2.81 kobo. Neimeth International Pharmaceuticals rose by 9.56 per cent to close at N1.49 kobo. eTranzact International appreciated by 9.43 per cent to close at N2.90 kobo.
Nigerian Breweries gained 8.41 per cent to close at N58. Seplat added 6.8 per cent to close at N1, 100 while Unity Bank appreciated by 6.38 per cent to close at 50 kobo. AIICO insurance garnered 6.06 per cent to close at 70 kobo while Courtville gained six per cent to close at 53 kobo.
On the other hand, Multiverse Mining and Exploration led the losers’ chart by 8.7 per cent to close at 21 kobo. International Breweries followed with a decline of 8.04 per cent to close at N5.15 kobo while Cadbury Nigeria declined by 7.74 per cent to close at N7.75 kobo.
Japaul Gold and Ventures shed 6.25 per cent to close at 30 kobo. Honeywell Flour Mills dipped by 4.88 per cent to close at N3.70 kobo.
The total volume of trades increased by 17.3 per cent to 464.7 million units, valued at N7 billion, and exchanged in 6,468 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 123.8 million shares valued at N144.6 million.
AIICO Insurance followed with 20.5 million shares worth N14 million, while Zenith Bank traded 19.4 million shares valued at N493.4 million.
FBN Holdings traded 18.5 million shares valued at N220.8 million, while Fidelity Bank transacted 18.1 million shares worth N69.1 million.