Bargain hunting in Julius Berger, 23 stocks lifts capitalisation by N9b

Transactions on the equities sector of the Nigerian Exchange Limited (NGX) reopened in an upbeat yesterday, as bargain-hunting in the shares of Julius Berger Plc and 23 stocks pushed market capitalisation by N9 billion.
Activities on the Nigerian Exchange Ltd. (NGX).
NGX Group building
NGX Group building

Transactions on the equities sector of the Nigerian Exchange Limited (NGX) reopened in an upbeat yesterday, as bargain-hunting in the shares of Julius Berger Plc and 23 stocks pushed market capitalisation by N9 billion.

Accordingly, the All Share Index (ASI) gained 16.67 points, representing a growth of 0.03 per cent to close at 52,231.29 points. Also, the market capitalization, which gained N9 billion, closed at N28.440 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Julius Berger, Nigerian Aviation Handling Company (NAHCO), Vitafoam Nigeria, Oando and NCR Nigeria.
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According to United Capital analysts, “We expect bullish sentiments to linger, with plenty room for profit taking. Technically, stocks that are overbought in the equities market often tend to retrace to a support.

“For equities vested managers/investors, switching to defensive stocks with high dividend performance will be a choice strategy. Our expectation for an upward reversal of the yield curve remains a strong downside for the equities market in the short-term. Also, political risks will remain a high, encouraging risk-off sentiments.”

Vetiva Dealings and Brokerage, said: “We expect similar trade pattern tomorrow, as banking stocks continue to dominate market activity.”

As measured by market breadth, sentiment was positive, as 24 stocks gained relative to 19 losers.

Oando recorded the highest price gain of 9.91 per cent to close at N6.10 per share. NCR Nigeria followed with a gain of 9.77 per cent to close at N2.81, while Transnational Corporations (Transcorp) rose by 9.65 per cent to close at N2.84 kobo. Ikeja Hotel rose by 9.62 per cent to close at N1.71, while Julius Berger appreciated by 8.77 per cent to close at N31. Livestock gained 7.84 per cent to close at N1.10 kobo.

Wapic Insurance appreciated by 6.98 per cent to close at 46 kobo. Corner Stone Insurance appreciated by 4.62 per cent to close at 68 kobo. Fidelity Bank increased by 4.01 per cent to close at N5.70 kobo. Nigerian Aviation Handling Company garnered 6.61 per cent to close at N12.90 kobo. GlaxoSmithkline also appreciated by 3.82 per cent to close at N6.80 kobo.

On the other hand, CWG led the losers’ chart by 9.66 per cent, to close at N1.87 kobo. NEM Insurance followed with a decline of 9.45 per cent to close at N4.12 kobo while Royal Exchange declined by 7.41 per cent to close at 50 kobo.
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Cutix depreciated by 4.13 per cent to close at N2.32 while AIICO Insurance declined by 3.39 per cent to close at 57 kobo.

FTN Cocoa depreciated by 3.13 per cent to close at 31 kobo. CHI Plc lost 2.94 per cent to close at 66 kobo. Custodian and Allied Insurance shed 2.52 per cent to close at N5.80 kobo. Jaiz Bank declined by 2.11 per cent to close at 93 kobo.

Presco depreciated by 1.99 per cent to close at N147.80 kobo. Sterling Bank shed 1.13 per cent to close at N1.75 kobo. United Capital decreased by 77 per cent to close at N12.90 kobo.

The total volume traded declined by 55.8 per cent to 626.390 million units, valued at N5.60 billion, and exchanged in 6,033 deals.

Transactions in the shares of Transcorp topped the activity chart with 190.852 million shares valued at N530.825 million.

Access Holdings followed with 125.058 million shares worth N1.246 billion, while FBN Holdings (FBNH) traded 79.706 million shares valued at N956.476 million. United Bank for Africa (UBA) traded 39.104 million shares valued at N324.297 million, while Royal Exchange sold 27.930 million shares worth N14.214 million.
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