By David Akinmola
Bargain hunting persisted in the equities sector of the Nigerian Exchange Limited (NGX) as many blue-chip stocks; especially Geregu Power and BUA Cement joined the league of gainers pushing the All-share index up by 0.2 per cent.
At the close of trading yesterday, the All Share Index (ASI) rose by 71.64 absolute points, representing a gain of 0.2 percent to close at 44,859.78 points. Accordingly, investors gained N39 billion in value as market capitalisation went up to N24.434 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Geregu Power, BUA Cement, Multiverse Mining & Exploration, and University Press.
On market outlook, analysts at United Capital Plc expect mixed sentiments to persist, as pre-election risks amplify and investors anticipate the release of the companies’ third quarter (Q3) results.
Vetiva Dealing and Brokerage said: “We may see some bargain-hunting tomorrow, especially in the Tier-I banks given the price declines in recent sessions”.
However, market breadth remained negative as 12 stocks posted gains while 19 stocks posted declines. Multiverse Mining & Exploration and R.T. Briscoe Nigeria recorded the highest price gain of 10 per cent each to close at N4.62 and 33 kobos, while University Press followed with a gain of 9.15 per cent to close at N1.79, per share.
FTN Cocoa processors went up by 7.41 per cent to close at 29 kobos, while AIICO Insurance and Geregu Power appreciated by 5.45 per cent each to close at 58 kobos and N116.
On the other hand, Cutie led the losers’ chart by 6.51 per cent to close at N2.01, per share. Jaiz Bank followed with a decline of 6.19 per cent to close at 91 kobos, while Dangote Sugar Refinery went down by 5.83 to close at N15.35, per share.
Sterling Bank lost 3.85 per cent to close at N1.50, while Sovereign Trust Insurance shed 3.85 per cent to close at 25 kobos.
The total volume traded declined by 41.26 per cent to 93.515 million shares, worth N3.383 billion, and traded in 3,187 deals. Transactions in the shares of Geregu Power topped the activity chart with 12.794 million shares valued at N1.292 billion. Sterling Bank followed with 9.485 million shares worth N14.276 million, while Access Holdings traded 6.318 million shares valued at N48.610 million.
Zenith Bank traded 6.246 million shares valued at N122.708 million, while Ecobank Transnational Incorporated (ETI) transacted 5.623 million shares worth N62.411 million.
Meanwhile, as part of its commitment to building the capacity of stakeholders in the capital market, the NGX organised a webinar on the impact of the 2021 Finance Act on the operating environment.
The event, themed “Capital Market Advancement and the Implications of the 2021 Finance Act” organised in conjunction with the Association of Securities Dealing Houses (ASHON), Chartered Institute of Stockbrokers (CIS), and PricewaterhouseCoopers (PWC) focused on helping stakeholders garner expert insight into amendments such as the Capital Gains Tax (CGTA); Companies Income Tax Act (CITA); Federal Inland Revenue Service (Establishment) Act [FIRSEA]; Personal Income Tax Act (PITA); Stamp Duties Act (SDA); Tertiary Education Trust Fund Act (TETFEA) and Value Added Tax Act (VATA).
In his opening remarks, the Chief Executive Officer, NGX, Temi Popoola underscored the importance of the event, as the exchange continues to play a leading role in driving capacity building, fostering effective collaboration, and deepening and enhancing the liquidity of the Nigerian capital market.
