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Equities regain vigour as Presco, 29 stocks lift indices by N71 billion

By Helen Oji
10 March 2022   |   2:50 am
As a result of gains recorded by Presco Plc and 29 other stocks, the Nigerian Exchange Limited (NGX) rebounded after five days of bearish trend yesterday

[FILES] Capital market. Photo: AFRICANBUSINESSCENTRAL

As a result of gains recorded by Presco Plc and 29 other stocks, the Nigerian Exchange Limited (NGX) rebounded after five days of bearish trend yesterday, as market capitalisation increased by N71 billion.

In summary, the All-Share Index (ASI) grew by 132.74 absolute points, representing an increase of 0.28 per cent to close at 47,287.09 points while the overall market capitalisation value gained N71 billion to close at N25.485 trillion.

The market gain was driven by price appreciation in large and medium capitalised stocks among which are; Nestle Nigeria, Presco, Okomu Oil, Nigerian Breweries and Flour Mills of Nigeria.

GTI Securities Limited said: “The Nigerian domestic market rallied after a five-day bearish sentiment, as the risk of the Russian-Ukrainian war still weighs on investors. However, we expect bulls to trade-off on the market given the spate of corporate actions.”

Vetiva Dealings and Brokerage said: “It was a positive day in the equity market today, especially in the consumer goods sector as investors reacted positively to market information, whilst block transactions elevated activity level. We expect to see the market maintain the positive close, as today’s sentiments filter into tomorrow’s session.”

The market breadth was positive as 30 stocks advanced against 12 stocks that declined. Presco recorded the highest price gain of 10 per cent to close at N114.95, per share. Pharma Deko followed with a gain of 9.89 per cent to close at N2.00, while Linkage Assurance was up by 9.80 per cent to close at 56 kobo.

Royal Exchange rose by 9.63 per cent each to close at N1.48, while R.T. Briscoe Nigeria appreciated by 8.93 per cent to close at 61 kobo.

TransNational Corporation of Nigeria gained 8.49 per cent to close at N1.1 kobo while Mutual Benefits Assurance added 8.00 per cent to close at 27 kobo. Lasaco Assurance appreciated by 7.84 per cent to close at N1.10 kobo. NEM garnered 7.30 per cent to close at N3.82 per share. Wapic Insurance also gained 6.38 per cent to close at 50 kobo.

On the other hand, Ellah Lakes Plc led the losers’ chart by 9.92 per cent, to close at 3.45, per share. May & Baker Nigeria followed with a decline of 9.91 per cent to close at N4.91, while Neimeth International Pharmaceuticals declined by 9.34 per cent to close at N1.65 kobo. Niger Insurance shed 8.70 per cent to close at 21 kobo, while Cutix Plc depreciated by 7.26 per cent to close at N2.30 kobo.

Caverton lost 7.14 per cent to close at N1.30 kobo. UPL depreciated by 4.96 per cent to close at N2.49 kobo. Jaiz Bank shed 2.78 per cent to close at 70 kobo. CHI dropped 1.56 per cent to close at 63 kobo. Zenith Bank also depreciated by 1.12 per cent to close at N26.50 kobo.

However, the total volume of trades fell by 55.45 per cent to 336.305 million units, valued at N5.860 billion, and exchanged in 5,248 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 108.615 million shares valued at N1.249 billion.

Guaranty Trust Holding Company (GTCO) followed with 54.134 million shares worth N1.428 billion, while United Capital traded 25.292 million shares valued at N308.508 million.

Zenith Bank traded 22.292 million shares valued at N595.015 million, while Caverton Offshore Support Group transacted 14.946 million shares worth N19.043 million.