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Renewed interest in bellwethers pushes indices further by N77 billion

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Renewed buying interest in some highly capitalised stocks on the equities sector of the Nigerian Stock Exchange (NSE) yesterday, lifted the market capitalisation further by N77 billion.

Specifically, the All-Share Index (ASI) increased by 148.07 absolute points, representing a decline of 0.71 per cent to close at 21,073.26 points. Similarly, the market capitalisation rose by N77 billion to close at N10.982 trillion.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Lafarge Africa, Dangote Sugar Refinery, Stanbic IBTC Holdings, Flour Mills Of Nigeria, Ecobank Transnational Incorporated (ETI).

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Analysts at Afrinvest Limited said: “We do not expect to see a sustained bullish run although investors have continued to seek bargain hunting opportunities.”

The Chief Operating Officer of InvestData Consulting Limited, Ambrose Omordion said that the seeming strength returning to the market after two months of decline induced globally by the Coronavirus pandemic at the peak of earnings reporting season has left many stocks attractive, following which they now offer high dividend yields.

According to him, this has supported the improved traded volume, in spite of the on-going remote trading, and reveals that investors are taking advantage of the prevailing low prices to accumulate fundamentally sound stocks.

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Market breadth closed positive, with 25 gainers versus eight losers. ETI and Ikeja Hotel recorded the highest price gain of 10 per cent each, to close at N4.40 and 99 kobo, respectively, while Wema Bank followed with a gain of 9.80 per cent to close at 56 kobo, per share.

Lafarge Africa went up by 9.77 per cent to close at N11.80, while Dangote Sugar Refinery appreciated by 9.55 per cent to close at N9.75 per share.

On the other hand, union Diagnostic and Clinical services and Skyway Aviation Handling Company led the losers’ chart by 10 per cent each, to close at 27 kobo and N2.16, respectively, while Ardova Plc followed with a decline of 9.64 per cent to close at N11.25, per share.

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GlaxoSmithKline Consumer Nigeria lost 9.38 per cent to close at N4.35, while Courteville Business Solutions shed 9.09 per cent each to close at 20 kobo, per share.

Meanwhile the total volume traded declined by 76.02 per cent to 346.41 million shares, worth N5.216 billion, and traded in 4,660 deals.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 102.24 million shares valued at N1.4 billion. FBN Holdings followed with 64.707 million shares worth N289.32 million, while Zenith Bank traded 30.294 million shares valued at N395.409 million.

Lafarge Africa traded 27.92 million shares valued at N329.43 million, while Fidelity Bank transacted 24.93 million shares worth N51.066 million.

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