Close button
The Guardian
Email YouTube Facebook Instagram Twitter WhatsApp

Investors’ wealth soar by N440 billion in three trading days


Analyst predicts increased bargain-hunting
Transactions on the floor of the Nigerian Stock Exchange (NSE) sustained a current rally for the third consecutive day, as more blue-chip stocks joined the league of gainers, causing investors wealth to soar by N440 billion in three trading days.

The market capitalisation of listed equities, which opened at N21.494 trillion on Monday, rose by N440 billion to close at N21.934 trillion yesterday. The All-Share Index (ASI) grew by 841.77 points, representing an increase of 2.0 per cent from 41,088.96 to 41,930.73.

Yesterday’s upturn was driven by price appreciation in large and medium capital stocks including, Airtel Africa, MTN Nigeria Communications (MTNN), Lafarge Africa, Julius Berger, and Fidson Healthcare.


Analysts Cordros Capital Limited said: “Pre-MPC meeting, we observed that the upward re-pricing of yields on long-dated bonds triggered reduced appetite for equities among domestic institutional investors.

“With the MPC maintaining the ‘lower-for-longer’ theme for rates, we expect a positive reaction in the equities market. Accordingly, we expect risk-averse investors to recalibrate their portfolio towards fundamentally sound stocks with attractive dividend yields.”

Sentiment, as measured by market breadth, was positive, as 35 stocks gained, relative to 21 losers.

Consolidated Hallmark Insurance and Guinea Insurance recorded the highest price gain of 10 per cent each, to close at 44 kobo and 22 kobo, respectively, while Fidson Healthcare followed with 9.90 per cent to close at N5.55 kobo.

Champion Breweries rose 9.79 per cent to close at N2.58, and Lasaco Assurance garnered 9.76 per cent to close at 45 kobo.

On the other hand, Skyway Aviation Handling Company led the losers’ chart by 10 per cent to close at N2.88 kobo.

Cornerstone Insurance followed with a 9.72 per cent fall to close at 65 kobo, while Caverton Offshore Support Group shed 9.41 per cent to close at N1.83 kobo.


Universal Insurance dropped 8.70 per cent to close at 21 kobo, and FTN Cocoa Processors lost 8.33 per cent to close at 55 kobo.

Also, the total volume of trades increased by 16.18 per cent to 543.597 million units valued at N7.322 billion, exchanged in 6,770 deals.

Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 57.238 million shares valued at N61.017 million.

Japaul Gold and Ventures followed with 52.041 million shares worth N40.275 million, while Zenith Bank traded 47.162 million shares at N1.243 billion.

FBN Holdings (FBNH) traded 38.076 million shares valued at N284.687 million, and United Bank for Africa (UBA) transacted 32.535 million shares worth N291.729 million.


Receive News Alerts on Whatsapp: +2348136370421

No comments yet