Equities rebound as gains in 20 stocks lifts indices by N6 billion

Equities rebound as gains in 20 stocks lifts indices by N6 billion

Gains recorded by many blue chip stocks lifted the Nigerian equities market yesterday, as market capitalisation appreciated by N6 billion.

Yesterday, market capitalisation of listed equities increased by N6 billion to N24.755 trillion from N24.749 trillion reported on Monday. Also, the All-Share Index (ASI) appreciated by 11.24 basis points from 45928.27 points traded on Monday to 45939.51 points.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; SEPLAT Energy, Ecobank Transnational Incorporated (ETI), Champion Breweries, Nigerian Exchange (NGX) and Red Star Express.

Analysts at Cordros Securities Limited stated: “Since the start of the year, the performance of the equities market has been broadly positive as the ASI returned 7.5 per cent as at January 24, 2022.

“With domestic investors being the dominant players in the market, we believe the wave of sell-offs across global stocks will have a limited impact on the local bourse. As such, we expect sentiments to remain positive until yields begin to rise in the fixed income market.

“Consequently, we see scope for the market to sustain the positive performance in Q1, 2022, given investors’ positioning in dividend-paying stocks ahead of 2021 full year dividend declarations and bargain hunting activities in value stocks with sound fundamentals.”

Vetiva Dealings and Brokerage said: “With improvement seen in sectoral performance today, we expect the market to trade slightly bullish barring any significant price dip in any of the heavy-weight stocks, as investors continue to cherry pick across board.”

Investors traded 247.694 million shares valued at N3.577 billion in 4242 deals against 278.605 million shares worth N2.887 billion in 4447 deals.

As measured by market breadth, market sentiment was positive as 20 stocks gained, while 15 constituted the losers chart. Courtvillle Business Solutions led the gainers’ chart, increasing by 10 per cent to close at 55 kobo. Ecobank Transnational Incorporated followed with a gain of 9.94 per cent to close at N9.95 kobo.

Academy Press gained 9.72 per cent to close at 79 kobo. Champion Breweries garnered 8.05 per cent to close at N2.55 kobo. Japaul oil gained 5.13 per cent to close at 40 kobo. Chams appreciated by 5.00 per cent to close at N21 kobo.

Sovereign Trust Assurance added 4.35 per cent to close at 24 kobo. Redstar Express appreciated by 2.94 per cent to close at N3.50 kobo.FTN Cocoa gained 2.78 per cent to close at 37 kobo. NPF Microfinance Bank also appreciated by 2.09 per cent to close […]

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