By Habibat Aliu
Following bargain hunting in MTN Nigeria and seven stocks, transactions on the Nigerian Exchange Limited (NGX) closed in an upbeat yesterday, causing market capitalisation to gain N36 billion.
The All Share Index (ASI) rose by 64.90 points, representing an increase of 0.15 per cent to close at 44,461.63 points. While the overall market capitalisation value gained N35 billion to close at N24.21 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTNN, Beta Glass Nigeria, Lafarge Africa, Ardova, and Red Star Express Plc.
On stocks’ performance for this week, United Capital Plc expects bearish sentiment to continue to dominate the market as investors stay off equities and take advantage of the rising interest rates in the fixed-income market.
“However, we may see some bargain hunting in stocks that have underlying fundamentals as investors look to take positions ahead of the Q3, 2022 earning season,” it stated.
Analysts at Vetiva Dealings and Brokerage said: “With the current macroeconomic conditions still adversely affecting the market, we still expect cautious trading sessions amid lower market participation.
“However, we may see some bargain hunting in stocks that have underlying fundamentals as investors look to take positions ahead of the Q3, 2022 earning season,” it stated.
However, market sentiment, as measured by market breadth, was negative as 18 stocks lost relative to eight gainers. Red Star Express recorded the highest price gain of 8.22 per cent to close at N2.37 kobo. Beta Glass followed with a gain of 5.90 per cent to close at N43.95 kobo. Wapic Insurance rose by 5.88 per cent to close at 36 kobos.
Lafarge Africa went up by 2.73 per cent to close at N22.55 kobo. Cordova appreciated by 2.19 per cent to close at N14. Cordova added 2.19 per cent to close at N14 while Mansard gained 1.88 kobos to close at N1.63 kobo. MTN Nigeria appreciated by 1.28 per cent to close at N197.50 kobo. Fidson advanced by 1.11 kobo to close at N9.10 kobo.
On the other hand, Unilever Nigeria led the losers’ chart by 10 per cent to close at N10.80 kobo. NEM Insurance followed with a decline of 9.50 per cent to close at N4 while Lasaco Assurance depreciated by 4.60 per cent to close at 83 kobos.
Regency Alliance Insurance declined by 4.17 percent to close at 23 kobos, while Sovereign Trust Insurance depreciated by 3.85 percent to close at 25 kobos.
Sterling Bank lost 3.80 kobos to close at N1.52 kobo. PZ Cussons also depreciated by 3.80 kobos to close at N8.85 kobo. Japaul Gold shed 3.57 per cent to close at 27 kobos. Mutual Benefits Assurance declined by 3.45 per cent to close at 28 kobos. Oando shed 3.12 per cent to close at 28 kobos. Livestock also lost 1.17 per cent to close at N1.15 kobo.
The total volume of trades declined by 23.9 percent to 72.328 million units, valued at N2.169 billion, and exchanged in 2,887 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 11.352 million shares valued at N11.929 million.
Nigerian Exchange Group (NGX Group) followed with 5.611 million shares worth N120.06 million, while Guaranty Trust Holding Company (GTCO) traded 5.277 million shares valued at N97.319 million.
Sovereign Trust Insurance traded 4.120 million shares valued at N1.05 million, while Fidelity Bank transacted 3.923 million shares worth N14.433 million.
