The domestic equities market yesterday closed positive by N18.2 trillion, representing 1.25 per cent growth, following buying interest in Dangote Cement and 36 other stocks.
The All Share Index (ASI) gained 428.44 points, representing a growth of 1.25 per cent to 30,733.47 points. Also, investors gained N224 billion in value as market capitalisation went up to N18.167 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Dangote Cement, Flour Mills of Nigeria, Julius Berger and Dangote Sugar Refinery.
Speaking on the market, United Capital maintained that the investment case for Nigerian equities remains compelling, saying, “Our position is supported by the persistent low yield environment and the elevated liquidity in the financial system. These factors, coupled with the more competitive dividend yields as well as the earnings stability of operators in the Banking, Cement and Food processing sectors, are expected to considerably support demand for equities by risk tolerant investors in the interim.”
It noted that the Monetary Policy Committee voted unanimously to keep the policy rates unchanged, a move expected to sustain demand for equities.
Market sentiment, as measured by market breadth, was positive with 37 stocks recorded gains relative to 11 losers. May and Baker Nigeria recorded the highest price gain of 10 per cent, to close at N3.52, per share. UPDC Real Estate Investment Trust followed with a gain 9.89 per cent to close at N5.00, while Eterna rose by 9.88 per cent to close at N4.56, per share.
Flour Mills of Nigeria went up by 9.84 per cent to close at N27.90, while AXA Mansard Insurance appreciated by 9.83 per cent to close at N2.57, per share. On the other hand, Trans-Nationwide Express led the losers’ chart by 9.38 per cent, to close at 87 kobo, per share. Associated Bus Company followed with a decline of 8.57 per cent to close at 32 kobo, while Cornerstone Insurance declined by 7.94 per cent to close at 58 kobo, per share.
UACN Property Development Company declined by 6.82 per cent to close at 82 kobo, while Oando shed 6.55 per cent to close at N2.71, per share.
Also, the total volume of trades rose by 19.02 per cent to 434.922 million units, valued at N6.913 billion and exchanged in 7,029 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 84.496 million shares valued at N84.274 million. Zenith Bank followed with 59.220 million shares worth N1.480 billion, while Access Bank traded 29.893 million shares valued at N258.453 million.
United Bank for Africa (UBA) traded 26.192 million shares valued at N221.093 million, while FBN Holdings (FBNH) transacted 25.559 million shares worth N189.903 million.