Hope rises on improved corporate earnings as NGX starts February bullish

Expectations of improved corporate earnings and dividend declaration for year 2021 scorecards have continued to spur activities on the Nigerian Exchange Limited (NGX) as more blue-chip stocks constituted the gainers’ chart at the reopening of trading for the month of February, resulting to a further rise in index by 1.05 per cent.

Specifically, the All Share Index appreciated by 486.54 points to 47111.21 points from 46624.67 points recorded on Monday. Also, market capitalisation of listed equities increased by N262 billion from N25.124 trillion to N25.386 trillion.

Analysts at Vetiva Dealings and Brokerage said: “Despite the mixed activity level, bullish sentiments persist in the market as investors continue to take positions in fundamentally sound names with good entry points. We expect a further mixed session amid a stronger buy-side interest.”

Investors traded 341.516 million shares valued at N3.692 billion in 6417 deals.

The upturn was driven by price appreciation in large and medium capitalised stocks, which are; Seplat, Conoil, Academy Press, RT Briscoe, Presco, FTN Cocoa and Fidson Health care.

As measured by market breadth, market sentiment was positive as 36 stocks appreciated in price, while 21 others recorded price depreciation.

Seplat Energy Plc led the gainers’ chart, appreciating by 10 per cent to close at N869.00, while Conoil Plc followed with a gain of 9.79 per cent to close at N24.10 kobo. Academy Press gained 9.57 per cent to close at N1.03 kobo.

RTBriscoe added 9.09 per cent to close at 24 kobo. Presco Plc added 8.75 per cent to close at N105. FTN Cocoa gained 8.57 per cent to close at 38 kobo. Fidson appreciated by 7.66 per cent to close at N8.29 kobo.

UPL garnered 7.50 per cent to close at N2.58 kobo. Lafarge WAPCO added 5.47 per cent to close at N27.00 kobo. NGXGroup also increased by 5.38 per cent to close at N24.50 kobo.

On the contrary, Caverton emerged the day’s highest price loser, shedding 9.50 per cent to close at N1.62 kobo. Eterna Plc trailed with a loss of 9.17 per cent to close at N5.45 kobo.

NCR was down by 9.09 per cent to close at N3. Japaul Gold declined by 7.50 per cent to close at 37 kobo. Ecobank Transnational Incorporated dropped 7.20 per cent to close at N11.60 kobo.

UPDC REIT dropped 6.49 per cent to close at N3.60 kobo, while GlaxoSmithKline shed 5.47 per cent to close at N6.05 kobo. Lasaco depreciated by 2.91 per cent to close at N1. Cutix lost 2.90 per cent to close at N2.34 kobo. Neimeth Pharmaceuticals also dropped 2.63 per cent to close at N1.85 kobo.