Equities regain vigour as gains in Airtel, 20 stocks lift index by 0.7%

Listed equities, reversed losses to close in an upbeat yesterday, occasioned by buying interest in Airtel Africa Plc and 20 stocks, as the All-Share Index (ASI) rose by 0.7 per cent.

At the close of transactions yesterday, the ASI appreciated by 352.49 absolute points, representing a gain of 0.67 per cent to close at 52,701.31 points.

Accordingly, investors gained N192 billion in value as market capitalisation went up to N28.705 trillion. The upturn impacted gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Nestle Nigeria, MRS Oil Nigeria, Flour Mills of Nigeria and Vitafoam Nigeria.

Looking forward, United Capital Plc said, “Our broad-based expectation for the equities market is bright in Q1, 2023 as we expect the yield environment to remain depressed due to excess maturities.

“However, we note that there might be pockets of bearish sentiments across the market as investors book profits from extended rallies.” Vetiva Dealings and Brokerage said: “We expect to see sustained buy-interest across board, as investors position ahead of earnings result, with slight profit taking in some counters.”

Market breadth closed positive as 21 stocks posted gains while 15 stocks posted declines. UPDC Real Estate Investment Trust (UPDCREIT) recorded the highest price gain of 10 per cent to close at N3.30, per share.

MRS Oil Nigeria followed with a gain of 9.93 per cent to close at N15.50, while Chellarams went up by 9.92 per cent to close at N1.33, per share.
SUNU Assurance went up by 8.82 per cent to close at 37 kobo, while McNichols appreciated by 7.02 per cent to close at 61 kobo, per share.

On the other hand, UACN Property Development Company (UPDC) led the losers’ chart by 6.93 per cent to close at 94 kobo, per share. Geregu Power followed with a decline of 6.71 per cent to close at N139.

Linkage Assurance depreciated by 6.38 to close at 44 kobo, per share. Royal Exchange lost 5.26 per cent to close at 90 kobo, while PZ Cussons Nigeria shed 5.21 per cent to close at N10.00, per share.

The total volume traded increased by 3.0 per cent to 228.487 million shares, worth N4.443 billion, and traded in 3,681 deals. Transactions in the shares of Sterling Bank topped the activity chart with 76.739 million shares valued at N118.908 million. Chams followed with 17.568 million shares worth N5.180 million.

Guaranty Trust Holding Company (GTCO) traded 16.754 million shares valued at N401.981 million. Zenith Bank traded 11.323 million shares valued at N276.034 million, while Royal Exchange transacted 10.651 million shares worth N9.341 million.