By Habibat Aliu
Despite post-election uncertainties, investors, yesterday, renewed stakes in stocks with impressive earnings and dividend payout ahead of the 2022 full-year scorecards as the market capitalisation of the Nigerian Exchange Limited (NGX) increases to N30 trillion.
Specifically, investors gained N207 billion yesterday, as market capitalisation increased to N30.140 trillion from N29.933 trillion recorded on Friday. Also, market capitalisation rose by 379.21 or 0.7 per cent from 54,949.21 points to 55,328.42 points.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Geregu Power, Conoil, BUA Foods, Stanbic IBTC Holdings, and MRS Oil Nigeria.
Analysts at United Capital Plc said: “We expect the equities market to remain bullish despite post-election uncertainties. We foresee opportunities for the buy-side to increase holdings (in the near term) on fundamentally sound stocks with improved valuation and dividend performance. Nonetheless, we still expect a profit-booking activity for overbought stocks.”
Market breadth closed positive as 28 stocks posted gains while nine stocks declined. C & I Leasing, Oando, and Stanbic IBTC Holdings recorded the highest price gain of 10 per cent each to close at N3.63, N4.40, and N37.95, per share.
Conoil went up by 9.98 per cent to close at N46.85, while MRS Oil Nigeria appreciated by 9.66 per cent to close at N33.50, per share. Flourmills gained 9.05 per cent to close at N34.94.
Sovereign Insurance appreciated by 7.14 per cent to close at 30 kobos. Cornerstone Insurance gained 6.67 per cent to close at 64 kobos. Geregu added 5.69 per cent to close at N269.50 kobo. Ikeja Hotel improved by five per cent to close at N1.26 kobo.
On the other hand, FTN Cocoa processors led the losers’ chart by 6.90 per cent each to close at 27 kobos and N3.24, per share. UACN Property Development Company (UPDC) followed with a decline of 4.00 per cent to close at 96 kobos, while Japaul Gold & Ventures declined by 3.45 per cent to close at 28 kobos, per share.
Transnational Corporation (Transcorp) lost 3.08 per cent to close at N1.26, while Mutual Benefits Assurance shed 3.03 per cent to close at 32 kobos, per share.
United Capital shed 2.91 per cent to close at N15. Fidelity Bank dropped 99 per cent to close at N5. Lasaco fell by 95 per cent to close at N1.04 kobo. Nigerian Breweries also lost 36 per cent to close at N41.35 kobo.
The total volume traded grew by 25.77 per cent to 149.781 million shares, worth N1.542 billion, and traded in 3,186 deals. Transactions in the shares of Oando topped the activity chart with 14.287 million shares valued at N62.640 million.