The Guardian
Email YouTube Facebook Instagram Twitter WhatsApp

Investors jostle for cheap stocks ahead of earnings reports

Related

Market gains N555b in seven trading sessions
Despite the seeming low liquidity, the Nigerian Stock Exchange (NSE) resumed its recovery trajectory weekend after six consecutive losses, as investors renewed buying interest largely due to low prices ahead of full-year earnings reports. 


With the benchmark All-Share Index (ASI) achieving seven straight sessions of gains, the stock market has recorded a 4.8 per cent or N555 billion boost, but still needs another 2.6 per cent to overcome the setbacks witnessed between January 2 and 10 this year en route the recovery mission.


Specifically, the market capitalisation, which stood at N11.01 trillion as at Thursday, January 10 when the January rally commenced, increased by N555 billion or 4.8 per cent to N11.562 trillion last Friday, while the index rose by 1,487.44 points from 29.517.73 to 31,005.17 points. 
 At the close of transactions on January 10, fresh bargain in some high caps, especially Julius Berger, Guaranty Trust Bank (GTB) and Dangote Cement propelled the first gain of the year, causing the ASI to appreciate by 0.6 per cent. 


A breakdown of activities shows that the ASI rose by 180.93 absolute points, representing an increase of 0.62 per cent, to close at 29,517.73 points. Similarly, market capitalisation increased by N67 billion to close at N11.007 trillion. 
 The improved performance was impacted by gains in medium and large capitalised stocks, including Julius Berger, Guaranty Trust Bank, Dangote Cement, Cement Company of Northern Nigeria (CCNN) and Forte Oil.Total volume of trade increased by 64.03 per cent to 385.29 million units, valued at N3.07 billion and exchanged in 3,677 deals. 


Transactions in the shares of Custodian Investment topped the activity chart with 120.27 million units valued at N697.61 million. Access Bank followed with 60.48 million shares worth N317.38 million, while FBN Holdings traded 48.87 million shares valued at N347.24 million. 
 Diamond Bank traded 37.15 million worth N72.05 million, while United Bank for Africa (UBA) transacted 26.96 million shares at N195.47 million. 


Despite the technical obstructions witnessed on the floor of the Exchange on Monday, January 14, the equities market extended previous gains to open trading for the week on the high, leading to the ASI appreciating by 0.5 percent.At the end of the trading session, the ASI was up by 134.09 absolute points, representing an increase of 0.45 per cent to close at 29,964.79 points.Similarly, the market capitalisation increased by N50 billion to end trading session at N11.174 trillion. 



In this article:
Nigerian Stock Exchange
Receive News Alerts on Whatsapp: +2348136370421

No comments yet