Gains in NB, NGX, others raise capitalisation by N62b

Positive sentiments persisted in the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as gains recorded by some blue-chip stocks lifted market capitalisation by N62 billion.

The all-share index (ASI) gained 114.21 points, representing a growth of 0.22 per cent to close at 52,579.52 points, while market capitalisation rose by N62 billion to close at N28.63 trillion.

The uptrend was impacted by gains recorded in medium and large capitalised stocks such as Nigerian Breweries, NGX Group, Ardova, Stanbic IBTC Holdings and Guaranty Trust Holding Company (GTCO).

Analysts at United Capital Plc said: “Bullish sentiments will persist in the market as investors continue to take advantage of the impressive Q1, 2023 earnings season. However, we note that there may be pockets of profit-taking activities among investors.”

Vetiva Dealings and Brokerage said: “As expected, positive sentiments was sustained in the banking sector, as all Tier-I banks closed in the green. We still expect cautious trading, as investors continue to bargain hunt across the board.”

As measured by market breadth, market sentiment was positive as 29 stocks gained relative to 27 losers. Multiverse Mining and Exploration recorded the highest price gain of 10 per cent to close at N3.41 kobo. Red Star Express followed with a gain of 9.96 per cent to close at N2.65, while CWG rose by 9.85 per cent to close at N1.45 kobo. NcNichols went up by 9.23 per cent to close at 71 kobo, while International Breweries appreciated by 6.82 per cent to close at N4.70 kobo.

ABC Transport gained 5.88 per cent to close at 36 kobo. AIICO Insurance garnered 5.36 per cent to close at 59 kobo. UPDC appreciated by 5.26 per cent to close at N1, while Transcorp Hotel increased by 4.20 kobo to close at N7.45 kobo.

Ardova also rose by 3.91 per cent to close at N19.95 kobo. On the other hand, C & I Leasing led the losers’ chart by 9.8 per cent to close at N3.59 kobo. Transnational Corporation (Transcorp) followed with a decline of 7.73 per cent to close at N1.79, while FTN Cocoa Processors declined by 6.9 per cent to close at 27 kobo.

Chams Holdings depreciated by 6.45 per cent to close at 29 kobo and Custodian Investment declined by 4.8 per cent to close at N5.95 kobo. Custodian & Allied Insurance fell by 4.80 kobo to close at N5.95 kobo. Champion Breweries lost 4.76 per cent to close at N4. International Energy Insurance shed 4.03 per cent to close at N1.19 kobo. RT Briscoe depreciated by 3.70 kobo to close at 26 kobo.

Fidelity Bank fell by 3.28 per cent to close at N5.60 kobo. Mutual Benefit Assurance also dropped 2.94 per cent to close at 33 kobo. The total volume traded advanced by six per cent to 511.38 million units, valued at N7.14 billion, and exchanged in 5,883 deals.

Transactions in the shares of Access Holdings topped the activity chart with 167.615 million shares valued at N1.916 billion. FBN Holdings (FBNH) followed with 91.294 million shares worth N1.092 billion, while United Bank for Africa (UBA) traded 78.061 million shares valued at N623.441 million.

Transnational corporations (Transcorp) traded 29.557 million shares valued at N53.202 million, while AXA Mansard Insurance sold 18.151 million shares worth N45.687 million.