Ikeja Hotel leads gainers, as investors stake N4b in equities
Ikeja Hotel Plc, rising from the suspension on its shares, traded higher on the equities sector of the Nigerian Stock Exchange (NSE) yesterday.
The hospitality company jumped from N1.78 to N1.86 in just about three hours of trade, representing 4.5 per cent increase, leading 18 others with 9.68 per cent, to close at N2.04 per share.
Following Ikeja Hotel was Cement Company of Northern Nigeria, which added five per cent to close at N25.20, while Okomu Oil appreciated by 4.97 per cent to close at N82.30 per share.
AIICO Insurance appreciated by 4.84 per cent to close at 65 kobo, while First Aluminium also gained 4.76 per cent to close at 44 kobo per share.
However, 34 stocks depreciated in price, with Eterna leading the losers’ chart by 8.55 per cent, to close at N6.20 per share.
Honeywell Flour and The Initiates followed with a decline of five per cent each to close at N2.47 and 76 kobo per share respectively.
Lasaco Assurance shed 4.88 per cent to close at 39 kobo, while African Alliance Insurance also depreciated by 4.76 per cent to close at 20 kobo per share.
The total volume traded rose by 3.68 per cent to 281.26 million shares, worth N4.1 billion, and traded in 4,304 deals. Transactions in the shares of Ikeja Hotel topped the activity chart with 34.55 million shares valued at N70.49 million.
Fidson Healthcare followed with 32.43 million shares worth N180.2 million, while Zenith Bank traded 26.46 million shares valued at N740.88 million.
FBN Holdings traded 17.72 million shares valued at N189.74 million, while Sovereign Trust Insurance transacted 17.2 million shares worth N4.37 million.
Consequently, the All-Share Index shed 175.78 absolute points, representing a decline of 0.43 per cent to close at 40,249.29 points, while the market capitalisation declined by N63 billion to close at N14.580 trillion.
The downturn was impacted by losses recorded in medium and highly capitalised stocks, among which are Mobil Nigeria, Dangote Cement, Nigerian Breweries, Dangote Sugar and Flour Mills Nigeria.
The outcome of the Monetary Policy Committee meeting could not reverse the downward trend as the policy makers voted to maintain status quo for the 10th consecutive session, retaining rates at 14 per cent.
Analysts at Afrinvest Limited said: “Despite yesterday’s negative performance, we anticipate a rebound in the near term. We expect investors to react positively to the first quarter 2018 GDP released, as well as existing cheap valuations in the market.”
The Chief Research Officer of InvestData Consulting Limited, Ambrose Omodion, said: “We advise investors to allow numbers guide their decisions while repositioning in any stock, especially now that stock prices remain volatile amidst improving company, economic and market fundamentals.
“It is time to combine fundamentals and technical tools to take decision by knowing the support and resistant level to reposition or exit any position. A stock market is in cycles. You must know the cycle it, or particular stocks therein are to successfully manage your trading and investment risk.”
No comments yet