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Bullish sentiments push investors’ fortunes further by N106b

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The Nigerian equities market sustained a rising profile yesterday, occasioned by gains in most high capital stocks, as investors’ wealth appreciated further by N106 billion.
 
Precisely, the All-Share Index (ASI) increased by 204.12 absolute points, representing a growth of 0.79 per cent to close at 25,987.14 points.
 
Similarly, the overall market capitalisation gained N106 billion to close at N13.581 trillion.
 
The upturn was impacted by gains recorded in large and medium capitalised stocks, including Nigerian Breweries, Mobil Nigeria, Dangote Cement, Lafarge Africa, and Guaranty Trust Bank.
   
United Capital Plc said the capital market is reacting to the monetary policy action. “As expected, interest for equities has improved and reactions at the bond market also mirrored expectations.”
 


“We expect to see continuous flow of funds into the equities markets, especially from local investors. The banking names remain our preferred pick given the impressive H1, 2020 results as well as the increasingly cheap cost of deposits, which should keep profit margin buoyant.” 
 
Analysts at Afrinvest Limited, said: “We expect the market to close the week in the green, as investors continue to buy low-priced stocks.”
 
Market sentiment, as measured by the market breadth, closed positive, as 25 stocks gained, relative to seven losers.
   
Nigerian Breweries recorded the highest price gain of 10 per cent to close at N47.85 per share.
   
Union Diagnostic & Clinical Services followed with eight per cent gain to close at 27 kobo, while Royal Exchange rose 7.41 per cent to close at 29 kobo, per share.
   
Lafarge Africa advanced 6.82 per cent to close at N14.10, while C&I Leasing garnered 6.33 per cent to close at N4.20, per share. 
   
On the other hand, Ardova Plc led the losers’ chart by 9.65 per cent to close at N10.30 per share.    
 
DAAR Communications followed with 9.09 per cent fall to close at 30 kobo, and Red Star Express lost 7.69 per cent to close at N3.00, per share. 
 
Wapic Insurance shed 7.69 per cent to close at 36 kobo, while Unilever Nigeria slipped 5.56 per cent to close at N13.60, per share.
 
However, the total volume traded decreased by 13.24 per cent to 359.307 million shares worth N3.874 billion, traded in 3,576 deals.
   
Transactions in the shares of Sterling Bank topped the activity chart with 71.888 million shares valued at N83.406 million.         
   
Guaranty Trust Bank followed with 51.732 million shares worth N1.346 billion, while Zenith Bank traded 44.543 million shares valued at N759.119 million.
   
Fidelity Bank traded 37.046 million shares at N67.021 million, and Flour Mills of Nigeria transacted 29.415 million shares worth N588.344 million.


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