Bullish rally persists as gains in Presco, others lift index further by 0.2%

Trading on the Nigerian Exchange Limited (NGX) sustained a rising profile at the end of yesterday’s transactions, as gains in Presco, 31 stocks lifted the All-share index by 0.2 per cent.

Specifically, at the close of transactions yesterday, the All-Share Index (ASI) rose by 79.31 points, representing an increase of 0.2 per cent to close at 52,917.76 points while the overall market capitalisation value gained N42 billion to close at N28.528 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Presco, Okomu Oil, Lafarge Africa, Flour Mills of Nigeria and Ardova.

GTI Securities Limited said “Stock market continues its impressive run for the second consecutive day. We expect the bargain hunting to persist, as more investors are positioned to hedge against rising inflation.”

Investdata Consulting Limited said: “We expect the bulls to continue on increasing position-taking as the market reacted to Airtel Africa’s full-year result and portfolio rotations as market players digest the better-than-expected Q1 corporate earnings released, ahead of March year-end 2022 audited financials with dividend announcements to support an uptrend in the new month amid the rebound in oil prices.”

Market sentiment, as measured by market breadth, was positive as 32 stocks gained while 23 others depreciated in price. Fidson Healthcare recorded the highest price gain of 9.95 per cent to close at N11.38 kobo while Eterna followed with a gain of 9.94 per cent to close at N7.19 kobo. McNichols Plc rose by 9.91 per cent to close at N1.22 kobo.

GlaxoSmithKline Consumer Nigeria rose by 9.87 per cent to close at N8.35 kobo while Lafarge Africa appreciated by 9.86 per cent to close at N31.75 kobo. International Breweries garnered 9.55 per cent to close at N9.75 kobo. Champion Breweries gained 9.48 per cent to close at N4.85 kobo.

Ardova appreciated by 8.96 per cent to close at N15.20 kobo. Presco added 8.11 per cent to close at N200.00. PZ Cussons added 6.79 per cent to close at N11.80 kobo while Neimeth appreciated by 6.71 per cent to close at N1.75 kobo.

On the other hand, Academy Press led the losers’ chart by 9.73 per cent to close at N1.67 kobo. Consolidated Hallmark Insurance followed with a decline of 9.68 per cent to close at 56 kobo while Linkage Assurance depreciated by 8.70 per cent to close at 63 kobo, per share.

Veritas Kapital Assurance declined by 4.55 per cent to close at 21 kobo, while AIICO Insurance depreciated by 3.80 per cent to close at 76 kobo, per share.

Meanwhile, the total volume of trades rose by 2.07 per cent to 426.018 million units, valued at N5.697 billion, and exchanged in 7,639 deals.

Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 94.397 million shares valued at N122.725 million. Zenith Bank followed with 24.481 million shares worth N590.081 million.

Lafarge Africa traded 19.234 million shares valued at N601.948 million.

Abbey Mortgage Bank traded 18.366 million shares valued at N24.390 million, while Access Holdings transacted 18.366 million shares worth N163.579 million.