Stock market reopens 2021 upbeat as investors gain N458b
NSE trading floor. PHOTO: FEMI ADEBESIN-KUTI
As investors continue to reposition ahead of full-year earnings results and dividend declarations, transactions on the equity sector of the Nigerian Stock Exchange (NSE) reopened the year on a positive note yesterday, as market capitalisation appreciated by N458 billion.
At the close of trading, the All Share Index (ASI) increased by 876.67 absolute points, representing a growth of 2.18 per cent to close at 41,147.39 points. Similarly, the market capitalisation gained N458 billion to close at N21.515 trillion.
The positive performance was triggered by gains recorded in medium and large capitalised stocks, including BUA Cement, Lafarge Africa, Guaranty Trust Bank, Flour Mills of Nigeria and Dangote Sugar Refinery.
On market performance outlook for the week, GTI Securities Limited said: “Given the less attractive nature of the fixed income segment of the market, we expect the equities to resume for the new year on a positive note, albeit at a modest pace.”
Market sentiment, as measured by breadth, closed positive, as 32 stocks gained relative to two losers. Honeywell Flour Mill, Sovereign Trust Insurance and Transnational Corporation of Nigeria (Transcorp) recorded the highest price gain of 10 per cent each to close at N1.32, 22 kobo and 99 kobo respectively. International Breweries and Fidelity Bank followed with a gain of 9.92 per cent each to close at N6.54 and N2.77 respectively while BUA Cement rose by 9.89 per cent to close at N85.00 kobo.
On the other hand, FCMB Group led the losers’ chart by 6.01 per cent to close at N3.13 while Caverton Offshore Support Group shed 3.41 per cent to close at N1.98 kobo.
Meanwhile, the total volume traded declined by 70.18 per cent to 211.929 million shares worth N1.408 billion exchanged in 3,438 deals.
Transactions in the shares of AIICO Insurance topped the activity chart with 87.516 million shares valued at N98.958 million. FCMB Group followed with 19.671 million shares worth N60.077 million while Transcorp traded 12.777 million shares valued at N12.608 million.
Lafarge Africa traded 9.948 million shares valued at N222.980 million while Access Bank transacted 9.6 million shares worth N85.399 million.
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