Gains in Nestle, 17 stocks lift capitalisation by N132b

The Nigerian equities market halted its two-days downturn, as gains in Nestle Nigeria Plc and 17 stocks lifted the overall market capitalisation by N132 billion.

At the close of transactions yesterday, the All-Share Index (ASI) gained 233.36 points, representing a gain of 0.24 per cent to close at 99,284.38 points. Also, market capitalisation rose by N132 billion to close at N56.164 trillion.

On what will shape the market in the next trading session, Analysts at Vetiva Dealings and Brokerage said: “We expect to see a mixed session tomorrow, as sentiment was bearish today evidenced by the negative market breadth. We anticipate this will filter into tomorrow’s session and may drive the market to a red d/d close.”

Analysts at Afrinvest said: “Investor sentiment, as measured by market breadth, weakened to -0.10x (previously -0.07x), as 18 stocks advanced, 26 declined, while 80 closed flat. Tomorrow (today), we anticipate mild gains on the bourse as investors cherry-pick stocks with compelling prices.”

The upturn was driven by price appreciation in large and medium-capitalised stocks amongst which are; Nestle Nigeria, Stanbic IBTC Holdings, Eterna, Ecobank Transnational Incorporated (ETI) and Zenith Bank.

However, investor sentiment, as measured by market breadth, was negative, as 18 stocks gained relative to 24 losers. Eterna emerged the highest price gainer at 9.80 per cent to close at N13.45 kobo while Red Star Express followed with a gain of 9.76 per cent to close at N3.71 kobo. Stanbic IBTC Holdings rose by 9.62 per cent to close at N57.

Fidelity Bank advanced by 8.00 per cent to close at N10.80 kobo while International Breweries rose by 7.84 per cent to close at N3.99 kobo.

On the other side, Oando led others on the losers’ chart with 9.86 per cent to close at N12.80, while Linkage Assurance followed with a decline of 9.41 per cent to close at 77 kobo.

Veritas Kapital Assurance went down by 8.70 per cent to close at 63 kobo, while Wapic Insurance depreciated by 8.57 per cent to close at 64 kobo.

The total volume traded declined by 11.3 per cent to 308.136 million units, valued at N4.863 billion, and exchanged in 7,690 deals. Transactions in the shares of Fidelity Bank led the activity with 84.050 million shares worth N883.222 million.

Oando followed with an account of 52.519 million shares valued at N710.806 million, while Veritas Kapital Assurance traded 19.403 million shares valued at N12.446 million.

Unity Bank traded 11.977 million shares worth N15.378 million, while Transnational Corporation (Transcorp) traded 11.130 million shares worth N117.665 million.