The Nigerian equities market opened October upbeat, as gains in BUA Cement and 23 stocks lifted market capitalisation by N213 billion.
The all-share index (ASI) gained 388.83 points, representing a gain of 0.59 per cent to close at 66,770.97 points.
Also, market capitalisation rose by N213 billion to close at N36.544 trillion.
The upturn was driven by price appreciation in large and medium-capitalised stocks amongst which are; BUA Cement, Beta Glass, UAC of Nigeria (UACN), Oando and Guaranty Trust Holding Company (GTCO).
Analysts at United Capital Plc said: “We expect to see investors taking positions in anticipation of the Q3, 2023 earnings season. Investors will continue cherry-picking activities around fundamentally sound stocks with a preference to companies that have posted strong results in the first half of the year.”
SCM Capitals said: “Expectations for the week is a surge in investors activities as they positioned themselves strategically for the upcoming Q3, 2023 earnings seasons. The focus is likely to remain in stocks that have showcased robust fundamentals, delivering impressive results throughout the initial half of the year.”
However, market breadth was negative, as 27 stocks lost relative to 24 gainers. BUA Cement emerged the highest price gainer with 9.94 per cent to close at N94 while Beta Glass and FTN Cocoa Processing followed, adding 9.93 per cent each to close at N66.95 kobo and N1.66 kobo respectively.
Oando rose by 9.55 per cent to close at N8.60 kobo while UACN also appreciated by 8.50 per cent to close at N10.85 kobo.
On the other side, Linkage Assurance led others on the losers’ chart with 10 per cent to close at 72 kobo. CWG followed with a decline of 9.94 per cent to close at N7.79 kobo while Red Star Express shed 9.86 per cent to close at N2.65 kobo.
Tantalizer depreciated by 9.38 per cent to close at 29 kobo, while UPDC Real Estate Investment Trust dipped by 8.97 per cent to close at N3.55 kobo.
The total volume traded increased by 24.4 per cent to 364.32 million units, valued at N3.85 billion, and exchanged in 7,537 deals. Transactions in the shares of Consolidated Hallmark Insurance led the activity with 71.536 million shares worth N94.676 million.
Fidelity Bank followed with account of 33.222 million shares valued at N272.335 million, while Oando traded 26.190 million shares valued at N219.648 million.
GTCO traded 21.441 million shares worth N752.682 million, while Access Holdings traded 19.916 million shares worth N318.622 million.
