Anticipations of improved half-year (H1) earnings and accompanied dividend declarations have continued to spur bargain-hunting on the equities sector of the Nigerian Exchange Limited (NGX), as investors’ wealth appreciated further by N14 billion at the reopening of trading for the month of October.

Specifically, market capitalisation of listed equities increased by N14 billion to N20.969 trillion, from N20.955 trillion reported last week Thursday.

Also, the All Share Index (ASI), which measures the performance of listed equities also appreciated by 21.88 basis points to 40243.05 points from 40221.17 points.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Eterna, United Capital, AXA Mansard Insurance, Pharm-Deko and FBN Holdings (FBNH).

On market performance this week, United Capital Plc expected some profit taking on the bourse amid last week’s rally.

Analysts at Vetiva Dealings and Brokerage said: “As expected, in the absence of significant cross trades, the market traded down with bargain hunting activities persisting in the banking space. We expect this to filter into tomorrow’s session as investors continue to take advantage of the lower entry points across board.”

Market breadth closed positive, recording 23 gainers and 14 losers.

AXA Mansard Insurance recorded the highest price gain with 9.87 per cent to close at N2.56 kobo while Pharm-Deko followed with a gain 9.79 per cent to close at N2.58 kobo. University Press appreciated by 9.76 per cent to close at N1.35 kobo.

Consolidated Hallmark Insurance was up by 8.77 per cent to close at 62 kobo. Courteville Business Solutions also appreciated by 8.57 per cent to close at 38 kobo.

On the other hand, Morison Industries led the losers’ chart with 10 per cent to close at N1.89 kobo while Northern Nigeria Flour Mills (NNFM) followed with a decline of 9.94 per cent to close at N7.70 kobo. Veritas Kapital Assurance shed 8.70 per cent to close at 21 kobo.

Cornerstone Insurance dropped 8.62 per cent to close at 53 kobo while Jaiz Bank depreciated by five per cent to close at 57 kobo.

However, the total volume of shares traded dipped by 80.7 per cent to 202.356 million shares, worth N1.864 billion, and traded in 4,066 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 18.592 million shares valued at N46.769 million.

Guaranty Trust Holding Company (GTCO) followed with 18.266 million shares worth N512.415 million, while FBNH traded 18.145 million shares valued at N147.867 million.

Universal Insurance traded 15.477 million shares valued at N3.225 million, while Champion Breweries transacted 14.192 million shares worth N29.094 million.




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