Stock market reopens 2022 upbeat with N887bn gain
As investors continue to reposition ahead of full-year earnings results and dividend declarations, transactions on the equities sector of the Nigerian Stock Exchange (NSE) reopened the year on a positive note yesterday, as market capitalisation appreciated by N887 billion.
At the close of trading, the All-Share Index (ASI) increased by absolute points, representing a growth of 0.7 per cent to close at 43,026.23 points. Similarly, the market capitalisation gained N886.9 billion to close at N23.18 trillion.
The positive performance was triggered by gains recorded in medium and large capitalised stocks, including BUA Cement, Stanbic IBTC, Zenith Bank, Flour Mills of Nigeria and Ecobank TransNational lncorporated.
On market performance outlook for the week, analysts at Afrinvest said: “In the next trading session, we expect the market to sustain this positive momentum as investors cherry-pick stocks with attractive valuation.”
Market sentiment, as measured by breadth, closed positive, as 18 stocks gained while16 constituted the losers’ chart. Academy Press led the gainers’ chart with 10 per cent to close at 55 kobo while Wema Bank followed, adding 9.72 per cent to close at 79 kobo. CORNERST added 8.70 per cent to close at 50 kobo. Neimeth gained 8 per cent to close at N1.89 kobo.
Ardorva, NNFM and Vitafoam emerged the day’s highest price loser with 10 per cent each to close at N12.70 kobo, N7.20 kobo and N20.25 kobo while Chams followed with 9 09 per cent to close at 20 kobo.
Meanwhile, the Securities and Exchange Commission has reminded all fund managers that payment of the yearly supervisory fee to the Commission becomes due from the 1st January 2022 and full payment must be made on or before 31st January 2022.
According to the SEC, “The commission hereby draws the attention of all registered Fund/Portfolio Managers to the SEC Rule on Annual Supervision Fees for Collective Investment Schemes (CIS) and Regulatory Fees for Discretionary and Non-Discretionary Funds/Portfolios issued on January, 21 2021 and the amendment thereto issued on December 20, 2021.”
The Circular stated that the payment for 2021 annual supervisory fee is based on the value of Net Asset Value (NAV) as at December 31st 2021 and Annual Regulatory fee for Discretionary and Non-Discretionary Funds/portfolios.