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Bullrun persists as investors’ fortune rises further by 0.2%

By Helen Oji
26 April 2022   |   4:08 am
Nigerian equities market extended gains, yesterday, as most blue-chip companies appreciated, raising the all-share index (ASI) by 0.2 per cent.

Nigerian equities market extended gains, yesterday, as most blue-chip companies appreciated, raising the all-share index (ASI) by 0.2 per cent.

At the close of transactions, 43 stocks constituted the gainers’ chart while 16 others depreciated.

Consequently, the ASI rose by 83.71 points, representing an increase of 0.17 per cent to close at 48,543.36 points. Similarly, the overall market capitalisation value gained N45 billion to close at N26.17 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are TotalEnergies Marketing Nigeria, Nigerian Breweries, Stanbic IBTC Holdings, Julius Berger and Lafarge Africa.

Analysts at Afrivest Limited said: “In the next trading session, we expect the positive performance to be sustained on the back of the improved market sentiment and release of favourable Q1, 2022 earnings.”

United Capital Plc said the tone of the market would be dictated by the outcome of the ongoing Q1, 2022 earnings season.

According to them, “further positive takes may strengthen investors’ resolve to remain bullish on the market but we note that the bourse is due some short term correction following the steep uptrend observed in consecutive weeks.”

Vetiva Dealings and Brokerage said: “Positive sentiments continue to fuel the market’s bullish run amid impressive Q2 numbers from companies that have already released their financial results. We expect corporate disclosures to dictate market direction in the short-term as investors take a position in anticipation of other Q2 results.”

UPDC Real Estate Investment Trust recorded the highest price gain of 10 per cent to close at N3.85 kobo. Ikeja Hotel followed with a gain of 9.93 per cent to close at N1.55 kobo while Eterna rose by 9.92 per cent to close at N7.31 kobo.

Oando rose by 9.9 per cent to close at N6.44 kobo while Skyway Aviation Handling Company appreciated by 9.89 per cent to close at N7.30 kobo.

On the other hand, Unity Bank led the losers’ chart by six per cent to close at 47 kobo.

Academy Press followed with a decline of 5.98 per cent to close at N1.10 kobo while Japaul Gold and Ventures depreciated by 5.88 per cent to close at 32 kobo.

UACN Property Development Company (UPDC) declined by 4.49 per cent to close at 85 kobo while Wapic Insurance depreciated by 4.35 per cent to close at 44 kobo.

Meanwhile, the total volume of trade fell by four per cent to 328.392 million units, valued at N4.038 billion, and exchanged in 5,711 deals. Transactions in the shares of Zenith Bank topped the activity chart with 35.8 million shares valued at N912.2 million.

Oando followed with 30.8 million shares worth N198.3 million while AXA Mansard Insurance traded 23.1 million shares valued at N58.7 million.

Transnational Corporation of Nigeria (Transcorp) traded 20.7 million shares valued at N22.2 million, while FBN Holdings transacted 20.1 million shares worth N240 million.Bullrun persists as investors’ fortune rises further by 0.2%