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NGX defies Easter selloff as capitalisation rises further by N77b

By Helen Oji
15 April 2022   |   2:00 am
Despite selloff ahead of the Easter celebrations, trading on the Nigerian stock market sustained five-day bullish trend to close in an upbeat yesterday, as market capitalisation increased further by N77 billion.

Despite selloff ahead of the Easter celebrations, trading on the Nigerian stock market sustained five-day bullish trend to close in an upbeat yesterday, as market capitalisation increased further by N77 billion.

At the closed of transactions yesterday on the Nigerian Exchange Limited (NGX), the All Share Index (ASI) rose by 143.07 points, representing an increase of 0.30 per cent to close at 47,510.38 points, while the overall market capitalisation value gained N77 billion to close at N25.613 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; SFS Real Estate Investment Trust (SFSReit), Dangote Cement, Nigerian Breweries, Julius Berger and Berger Paints Nigeria.

Analysts at Afrinvest Limited said: “Next week, we expect the market to close positive on improved sentiment.”

Vetiva Dealings and Brokerage said: “Despite today’s profit taking in the banking sector, the NGXBNK closed as the week’s best performing sector with a 5.59 per cent gain.

“We expect to see further profit taking in that space going into the new week amid this week’s record gain. We expect Q1 results of some companies to hit the market next week, and we anticipate this to drive market sentiments as well.”

Market sentiment, as measured by market breadth, was positive as 21 stocks gained, relative to 16 decliners. SFSReit recorded the highest price gain of 10 per cent to close at N77kobo, while Meyer Plc followed with a gain 7.38 per cent to close at N1.60 kobo. UPDC Real Estate Investment Trust increased by 7.32 per cent to close at 88 kobo.

Chams rose by five per cent to close at 21 kobo. Linkage Assurance appreciated by 4.08 per cent to close at 51 kobo.

On the other hand, Dangote Sugar Refinery led the losers’ chart by 5.09 per cent to close at N15.85kobo. R.T. Briscoe Nigeria followed with a decline of five per cent to close at 57 kobo, while Africa Prudential depreciated by 4.76 per cent to close at N6.

Union Bank of Nigeria (UBN) declined by 4.62 per cent to close at N6.20 kobo, while Cutix and Red Star Express depreciated by 1.64 per cent each to close at N2.40 kobo and N3.

Meanwhile, the total volume of trades fell by 1.7 per cent to 385.2 million units, valued at N4 billion, and exchanged in 6,212 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 74.8 million shares valued at N282.5 million. Sterling Bank followed with 45.5 million shares worth N64.9 million, while Access Holdings traded 33.87 million shares valued at N347.3 million.

Zenith Bank traded 31 million shares valued at N777.9 million, while African Alliance Insurance transacted 26.7 million shares worth N5.3 million.