Fidson, others lead equities’ N9b gain
Following gains recorded by most blue-chip stocks, especially Nigerian Breweries (NB) and Fidson, transactions on the Nigerian Exchange Limited (NGX) reopened upbeat yesterday, as market capitalisation appreciated by N9 billion.
At the close of trading, the All-Share Index (ASI) grew by 16.7 absolute points, representing an increase of 0.04 per cent to close at 39,318.52 points while the market capitalisation value gained N9 billion to close at N20.577 trillion.
The market gain was driven by price appreciation in large and medium capitalised stocks such as Nigerian Breweries, Fidson Healthcare, Lafarge Africa, Africa Prudential and Guaranty Trust Bank.
Analysts at United Capital Plc said: “This week, we expect some profit-taking on the bourse in light of the considerable price appreciation observed last week. However, strong corporate releases in the coming week could support decent buying momentum.”
As measured by market breadth, market sentiment was positive, as 25 stocks advanced relative to 17 losers. Linkage Assurance and Transnational Corporation of Nigeria (Transcorp) recorded the highest price gain of 10 per cent each to close at 88 kobo, while Cornerstone Insurance followed with a gain 9.62 per cent to close at 57 kobo.
Fidson Healthcare appreciated by 9.09 per cent to close at N4.80, while Unity Bank gained 8.47 per cent to close at 64 kobo. On the other hand, Conoil led the losers’ chart by 9.33 per cent to close at N17.00 kobo. Ikeja Hotel followed with a decline of 9.09 per cent to close at N1.00 kobo, while Sovereign Trust Insurance shed 8.00 per cent to close at 23 kobo.
Nigerian Aviation Handling Company (NAHCO shed 6.67 per cent to close at N2.10, while Jaiz Bank depreciated by 4.76 per cent to close at 60 kobo.
The total volume of trades increased by 14.88 per cent to 329.739 million units, valued at N2.059 billion, and exchanged in 4,308 deals.
Transactions in the shares of Transcorp topped the activity chart with 92.541 million shares valued at N81.284 billion. FBN Holdings (FBNH) followed with 23.893 million shares worth N177.332 million, while AXA Mansard Insurance traded 20.048 million shares valued at N18.355 million.
Access Bank traded 17.118 million shares valued at N128.959 million while Guaranty Trust Bank transacted 16.441 million shares worth N513.549 million. 20.27 trillion were recorded in Q4 2020.”
According to the report, the total number of banks’ staff reduced by 0.9 per cent, from 95,888 to 95,026, between October and December.
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