Equities sustain rising profile as ASI appreciates further by 1.47%

Transactions on the equities sector of the Stock Exchange (NSE) sustained rising profile yesterday, as more blue-chip stocks joined the league of gainers, resulting to a further rise in the All Share Index (ASI) by 1.47 per cent.

Specifically, at the closed of transactions yesterday, the ASI increased by 310.77 absolute points, representing a growth of 1.47 per cent to close at 21,384.03 points. Similarly, the market capitalisation gained N162 billion to close at N11.144 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Seplat Petroleum Development Company (Seplat), Stanbic IBTC Holdings, Dangote Sugar Refinery and Lafarge Africa.

The Chief Operating Officer of InvestData Consulting Limited, Ambrose Omordion said that the seeming strength returning to the market after two months of decline induced by the Coronavirus pandemic at the peak of earnings reporting season has left many stocks attractive, following which they now offer high dividend yields.

According to him, this has supported the improved traded volume, in spite of the on-going remote trading, and reveals that investors are taking advantage of the prevailing low prices to accumulate fundamentally sound stocks.

Market breath closed positive, recording 24 gainers and 12 losers. Dangote Sugar Refinery recorded the highest price gain of 9.74 per cent, to close at N10.70, while United Bank for Africa (UBA) followed with a gain 9.73 per cent to close at N6.20, per share.

Cadbury Nigeria and Lasaco Assurance went up by 9.52 per cent each, to close at N6.90 and 23 kobo, respectively, while Sterling Bank Union appreciated by 9.45 per cent to close at N1.39, per share.

On the other hand, Omatek Ventures led the losers’ chart by 8.82 per cent, to close at 31 kobo, while Chams Plc and Unity Bank followed with a decline of 8.70 per cent each, to close at 21 kobo and 42 kobo, respectively, per share.

Jaiz Bank shed 7.84 per cent to close at 47 kobo, while Skyway Aviation Handling Company depreciated by 7.41 per cent to close at N2.00, per share.

However, the total volume traded decreased by 9.09 per cent to 314.906 million shares, worth N5.019 billion, and traded in 5,427 deals. Transactions in the shares of FBN Holdings topped the activity chart with 56.017 million shares valued at N261.548 million.

UBA followed with 37.771 million shares worth N228.433 million, while Lafarge Africa traded 34.991 million shares valued at N444.405 million.

Guaranty Trust Bank traded 31.624 million shares valued at N596.09 million, while Zenith Bank transacted 28.28 million shares worth N388.40 million.