Investors Gain N83bn as NGX Sustains Bullish Momentum

Samuel Mobolaji

The Nigerian equities kicked off the week with positive sentiment, with a gain of N83 billion as investors position in fundamentally robust stocks ahead of earnings releases.

The All Share Index (ASI) gained by 134.18 points, representing a growth of 0.13 per cent to close at 104,630.3 points. Also, market capitalisation gained N83 billion to close at N64.792 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Presco, Okomu Oil, Beta Glass, Northern Nigeria Flour Mills (NNFM) and MTN Nigeria Communications (MTNN).

Looking forward, United Capital Plc said “the equities market is expected to maintain its positive momentum 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.”

Also, investor sentiment, as measured by market breadth was negative as 21 stocks advanced, while 35 declined Beta Glass and Presco recorded the highest price gain of 10 per cent each to close at N78.65 and N643.50 respectively, while Okomu Oil followed with a gain of 9.99 per cent to close at N537.20, per share.

NNFM up by 9.98 per cent to close at N66.65, while Chellaram gained 9.95 per cent to close N7.18, per share.

On the other hand, University Press led the losers’ chart by 10 per cent to close at N5.04, per share. Omatek Ventures followed with a decline of 9.88 per cent to close at 73 kobo, while SCOA Nigeria declined by 9.83 per cent to close at N3.67, per share.

Lasaco Assurance depreciated by 8.33 per cent to close at N2.75, while Nigerian Exchange Group declined by 8.14 per cent to close at N27.10, per share.

Meanwhile, the total volume traded fell by 59.6 per cent to 510.569 million units, valued at N13.253 billion, and exchanged in 14,611 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 83.990 million shares valued at N2.480 million. Zenith Bank followed with 54.533 million shares worth N2.725 billion, while Universal Insurance traded 32.587 million shares valued at N21.011 million.

United Bank for Africa (UBA) traded 31.578 million shares valued at N1.184 billion, while Fidelity Bank sold 19.452 million shares worth N377.884 million.