15 hours Ago By Guardian Nigeria
Following gains recorded by many bluechip stocks, especially Transnational Corporation (Transcorp) and Eterna, the bulls regained dominance on the equities sector of the Nigerian Exchange Limited (NGX) yesterday, causing market capitalisation to rise by N52 billion. Yesterday, the All-Share Index (ASI) gained 83.31 points, representing a gain of 0.
08 per cent to close at 106,621.91 points. Also, market capitalisation rose by N52 billion to close at N66.
769 trillion. The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Transnational Corporation, Eterna, Africa Prudential, Dangote Sugar Refinery and MRS Oil Nigeria. Looking forward, United Capital Plc said: “The equities market is expected to close positive as investors continue to position themselves ahead of the full year, 2024 earnings season and possible corporate action declarations.
“Nevertheless, given the elevated interest rate environment in the fixed-income market, we still expect bearish sentiments to linger in the background.” Analyst at Vetiva Dealings and Brokerage said:” Despite today’s modest gain, sentiment remains cautious due to persisting pressures from high fixed income yields. “Investors continue to selectively engage fundamentally sound equities, but sustained bullish momentum appears unlikely without significant economic catalysts.
Consequently, we anticipate another mixed session, with continued selective buying countered by profit-taking.” Also, investor sentiment, as measured by market breadth was positive, as 32 stocks gained relative to 27 losers. Eterna emerged the highest price gainer of 9.
96 per cent to close at N37.55 kobo. Transcorp followed with a gain of 9.
91 per cent to close at N51.55 kobo, while FCMB Group rose by 9.89 per cent to close at N10.
Africa Prudential advanced by 9.85 per cent to close at N36.25 kobo, while ABC Transport also rose by 8.
67 per cent to close at N1.63 kobo. On the other side, VFD Group led others on the losers’ chart with 9.
92 per cent to close at N47.20 kobo, International Energy Insurance followed with a decline of 8.71 per cent to close at N1.
78 kobo, while Cadbury Nigeria shed eight per cent to close at N23. Cornerstone Insurance went down by 7.89 per cent to close at N2.
92 kobo, while Honeywell Flour Mills depreciated by 7.06 per cent to close at N12.50 kobo.
The total volume traded rose by 4.52 per cent to 364.969 million units, valued at N17.
628 billion, and exchanged in 14,565 deals. Transactions in the shares of Fidelity Bank led the activity with 56.413 million shares worth N970847 million.
Access Holdings followed with an account of 30.423 million shares valued at N725.482 million, while Zenith Bank traded 27.
644 million shares valued at N1.326 billion. Africa Prudential traded 23.
316 million shares worth N834.197 million, while United Bank for Africa (UBA) traded 13.103 million shares worth N495.
979 million..
