Investors’ wealth soars by N329 billion as equities sustain rally
Yesterday, the All-Share Index (ASI) gained 907.82 points, representing a growth of 2.46 per cent to close at 37,854.92 points from 36,947.10.
Similarly, the market capitalization gained N329 billion to close at N13.712 trillion from N13.383 trillion.
The improved performance was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Dangote Cement, Okomu Oil, International Breweries and Lafarge Africa.
Analysts at Cordros Capital noted “our theme for equities market remains positive in the medium to long term, as still-positive fundamentals remain supportive of gains on the bourse.
“We reiterate our guidance for cautious trading and the need for investors to focus on fundamentally sound stocks.”
The Chief Research Officer of Investdata Consulting, Ambrose Omodion said: “We expect buying interests to increase, as traders take advantage of low prices, while volatility continue, with players rebalancing their portfolios ahead of March full-year account, especially as equities become cheaper with higher yields.
“Investors should review their position in line with their investment goals and take action as events as it unfolds in the global and domestic environment .
However, we would like to reiterate that investors should not panic but go for equities with intrinsic value, especially during this season were less earnings are released ahead of march full year earnings release and Q2 interim dividend payment are expected in the market arena very soon.
He added: “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.”
Market breadth closed positive, with 39 gainers versus 15 losers.
Oando recorded the highest price gain of 9.84 per cent, to close at N6.70, while International Breweries followed with a gain of 7.69 per cent to close at N42 per share.
Dangote Sugar rose by 6.38 per cent to close at N18.35, while Honeywell Flour and Okomu Oil gained five per cent each to close at N2.31 and N84 per share, respectively.
On the other hand, Consolidated Hallmark Insurance led the losers’ chart by 6.67 per cent, to close at 28 kobo per share. Royal Exchange shed 5.88 per cent to close at 32 kobo, while UAC of Nigeria depreciated by 4.76 per cent to close at N14 per share.
First Aluminium declined by 4.55 per cent to close at 42 kobo and Total Nigeria also shed 4.31 per cent to close at N193.30 per share.
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