Recovering from the previous session’s loss, the Nigerian Exchange Limited (NGX) reopened in an upbeat yesterday, as the overall capitalisation gained N138 billion, amid price appreciation in Okomu oil and 53 stocks.
The all share index (ASI) gained to 227.06 points, representing a growth of 0.22 per cent to close at 101,356.15 points. Also, market capitalisation gained N138 billion to close at N61.441 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, MRS Oil Nigeria, Presco, Northern Nigeria Flour Mills and MTN Nigeria Communications.
Looking forward, United Capital Plc said: “The equities market is expected to retain its buy interest as investors cherry-pick undervalued stocks. However, given the high interest rates in the fixed income and money markets, we expect some bearish undertone to persist in the equities market as fixed income biased investors take advantage of the high yields in the fixed income space.”
Analysts at Afrinvest said: “Investor sentiment, as measured by market breadth, strengthened to 0.68x from 0.34x in the previous session as 54 stocks advanced, 20 declined. We expect the positive performance to be sustained tomorrow (today) driven by improved market sentiment underpinned by strategic portfolio realignment ahead of the new year.
Also, investor sentiment, as measured by market breadth was positive as 54 stocks advanced, while 20 declined. Champion Breweries, International Breweries, AXA Mansard Insurance, MRS Oil, Okomu Oil, Living Trust Mortgage Bank and Sterling Financial Holdings Company recorded the highest price gain of 10 per cent each to close at N4.18, N5.50, N8.25, N18.00, N403.70, N3.63 and N5.50 respectively.
Honeywell Flour Mills followed with a gain of 9.92 per cent to close at N6.65, while SUNU Assurance rose by 9.88 per cent to close at N8.23 kobo.
On the other hand, Austin Laz & Company led the losers’ chart by 9.84 per cent to close at N1.65, per share. Aradel Holdings followed with a decline of 9.64 per cent to close at N600.00, while Oando declined by 8.63 per cent to close at N63.50 kobo.
Veritas Kapital Assurance depreciated by 4.44 per cent to close at N1.29, while Omatek Ventures declined by 4.41 per cent to close at 65 kobo.
Meanwhile, the total volume traded decreased by 2.40 per cent to 503.190 million units, valued at N16.272 billion, and exchanged in 12,490 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 39.382 million shares valued at N2.258 billion.
Japaul Gold & Ventures followed with 35.765 million shares worth N78.182 million, while Zenith Bank traded 34.645 million shares valued at N1.597 billion.
United Bank for Africa (UBA) traded 26.377 million shares valued at N912.060 million, while Universal Insurance sold 25.583 million shares worth N12.031 million.
