Stock market capitalisation appreciates by N49b
Following price gains recorded by most blue-chip stocks, transactions on the trading floor of the Nigerian Stock Exchange closed in an upbeat yesterday as market capitalisation appreciated by N49billion.
Specifically, at the close of trading yesterday, market capital of listed equities rose by 0.3 per cent or N49 billion from N14.721 trillion recorded on Wednesday to N14.770 trillion.
However, the All-share index plunged by 48.23 points or 1.0 per cent from 40, 825.00 to 40, 777.67
The Managing Director of Highcap Securities Limited, David Adonri, attributed the drop in index to lack of sensitive information available currently to drive market performance.
“There is no price sensitive information, apart from corporate disclosure to drive the market and penny stocks are depreciating in price.
“The demand for stocks is not increasing but it will get better shortly because we are back on JP Morgan index and soon, foreign investors would start taking position in the market.”
Also, analysts anticipates sustainable rebound as investors react to Q1 earnings reports that are hitting the market
Precisely, analysts at Investdata Consulting Limited said: ”We expect a continuous rebound as investors react to earnings reports that are hitting the market in the midst of profit taking and expected Q1 GDP data likely to be supported by monetary stimulus and extraneous factors like upswing in oil price, among other global events now closely under watch.
“Even so, value investors continue to position for the short and long-term on the strength of company fundamentals. However, we would like to reiterate that investors should not panic but go for equities with intrinsic value, especially during this season when dividend payment is ongoing and Q1 results are expected in the market arena.
“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.”
Further analysis of yesterday’s transactions showed that Mobil topped the losers’ chart with N2.00 kobo to close at N170.00 per share while National Salt Company of Nigeria followed with N0.55 kobo to close at N20.25 per share.
FBN Holdings lost N0.45 kobo to close at N11.75 per share. WAPCO depreciated by N0.40 kobo to close at N42.00 per share. United Bank for Africa shed N0.20 kobo to close at N11.35 per share.
On the other hand, Okomu oil led others on the gainers’ chart with N3.65 kobo to close at N77.15 per share while Nigerian Breweries followed with N2.20 kobo to close at N127.00 per share. Unilever added N1.90 kobo to close at N54.90 per share.
Flourmills appreciated by N1.10 kobo to close at N35.20 per share. Oando gained N0.45 kobo to close at N9.15 per share.
Guaranty Trust Bank dominated in volume terms with 63 million shares worth N2.7 billion while Diamond Bank followed with 59 million units valued at N116 million.
FBN Holdings recorded 42 million shares worth N515 million. C&I Leasing accounted for 27 million shares valued at N35 million. Transnational Corporation exchanged 20 million units valued at N35 million.
In all, Investors traded 378 million shares worth N6.3 billion in 4,780 deals up from 350 million units valued at N4.6 million that changed hands in 5,020 deals.