Index up by 0.5 per cent amid gains in Total, 48 stocks

Transactions on the Nigerian Exchange Limited (NGX) sustained rising profile yesterday, as the All-Share Index (ASI) rose further by 0.5 per cent, amid gains in Total Plc and 48 stocks.

At the close of trading yesterday, the market capitalisation of listed equities appreciated by N271 billion to N55.437 trillion from N55.165 trillion it closed the previous day. The ÀSI also appreciated by 0.49 per cent from 96,037.28 to 96,510.13 points.

Yesterday’s upturn was propelled by price appreciation in the shares of Total, Okomuoil, SFSReits, Oando Plc, Eterna Plc, FBN Holdings, Stanbic IBTC, United Capital and Lafarge.

Consequently, the year to date return increased to 29.07 per cent as 45 listed companies appreciated in price while 14 other constituted the losers’ chart.

Reacting to the market performance, the Chief Research Officer of Investdata Consulting Limited, Ambrose Omordion, said: “We expect mixed sentiment to continue as players digest second quarter (Q2) GDP figure of 3.19 per cent, profit taking and sector rotation amidst oversold region.

“Portfolios repositioning is however continuing, as investors take advantage of pullbacks to buy into stock value .This is amid the volatility and pullbacks that add more strength to upside potential.

“Consequently, investors should take advantage of price correction. Also looking at the trends and events across the globe and domestically.”

Analysts at Vetiva Dealings and Brokerage, said: “We expect the market to showcase cautious optimism for Wednesday. That said, the mixed sentiment observed in the previous sessions suggests that any upside may be limited as investors retain a risk-off stance on the market.”

On the price movement chart, Julius Berger, John Holt, Total Nigeria Plc and Neimeth international Pharmaceutical led the gainers’ chart with 10 per cent each to close at N143, N3.08 kobo, N619.30 kobo and N2.20 kobo respectively. SFSReits also followed with a gain of 9.99 per cent to close at N134.90 kobo.

On the contrary, UPL topped losers’ chart, declining by 9.58 per cent to close at N2.17 kobo, Cutix Plc followed with a loss of 6.25 per cent to close at N3 while Vitafoam Nigeria Plc was down by 5.17 per cent to close at N18.35 kobo. Transnational Corporation of Nigeria Plc dipped by 5.08 per cent to close at N11.20 kobo. Linkage Assurance also shed five per cent to close at 95 kobo.

Volume of transactions went up by 52.644 million, representing 13.48 per cent as investors traded 443.156 million shares valued at N5.635 billion the previous day in 8493 deals.

Transactions in the shares of Veritas Kapital led market activities with 83.077 million shares valued at N122.402 million, AccessCorp followed with 55.965 million shares worth N1.064 billion, Universal Insurance exchanged 29.072 million shares valued at N9.507 million, FBNHoldings traded 23.645 million shares worth N519.532 million, FCMB group sold a total of 20.916 million shares valued at N158.902 million.