Despite macroeconomic challenges bedeviling the nation’s economy, the anticipation of robust 2022 full-year earnings and dividend payout has continued to spur activities in the equities sector of the Nigerian Exchange Limited (NGX) as market capitalisation increased by N44 billion in the last trading session of January.
Specifically, the All Share Index (ASI) rose by 80.84 absolute points, representing a gain of 0.15 per cent to close at 53,238.67 points. Accordingly, investors gained N44 billion in value as market capitalisation went up to N28.998 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Geregu Power, Chemical & Allied Products (CAP), Nigerian Exchange Group (NGXGroup), Northern Nigeria Flour Mills (NNFM), and Ecobank Transnational Incorporated (ETI).
Analysts at Vetiva Dealings and Brokerage said: “The market has maintained a positive m/m close since November, returning 3.72 per cent in January. We saw the December rally filter into the new year, as earnings results take center stage. We expect another mixed sectoral performance tomorrow, amid a positive market breadth.”
Market breadth closed positive as 29 stocks posted gains while 18 stocks declined. Veritas Kapital Assurance, LivingTrust Mortgage Bank, and Geregu Power recorded the highest price gain of 10 per cent each to close at 22 kobos, N1.98, and N193.60 kobo.
John Holt went up by 9.92 per cent to close at N1.33, while SCOA Nigeria appreciated by 9.78 per cent to close at N1.01 kobo. On the other hand, Chams and NCR Nigeria led the losers’ chart by 10 per cent each to close at 27 kobos and N3.24, while Unity Bank followed with a decline of 9.09 per cent to close at 50 kobo, per share.
Royal Exchange lost 8.97 per cent to close at 71 kobos, while Japaul Gold & Ventures shed 8.33 per cent to close at 33 kobos.
The total volume traded grew by 24.25 percent to 250.192 million shares, worth N5.885 billion, and traded in 4,328 deals.
Transactions in the shares of Universal Insurance topped the activity chart with 48.554 million shares valued at N9.711 million. Guaranty Trust Holding Company (GTCO) followed with 14.159 million shares worth N353.773 million.
Zenith Bank traded 12.517 million shares valued at N315.023 million.
Access Holdings traded 11.570 million shares valued at N104.883 million, while Unity Bank transacted 10.879 million shares worth N5.476 million.
