Equities Market Adds Weight Over Sustain Tier-1 Banks Rally

Equities Market Adds Weight Over Sustain Tier-1 Banks Rally

Equities investors show they are not giving up yet driving an uptick momentum in the Nigerian stock market by pumping money into stocks with upside potential and those counters that are relatively underpriced.

The uptrend has been maintained despite the absence of foreign portfolio investors’ participation. The Nigerian Exchange (NGX) rose on Monday by about N72 whooping billion due to interest in Tier-1 banking shares picked up as GTCO (+3.97%), UBA (+2.18%), and ZENITH BANK (+1.56%).

MarketForces Africa reported that Nigerian big banks combined market valuation inched near N3.5 trillion during the week due to improved sentiments. The cement majors BUACEMENT (+2.50%) and WAPCO (+0.69%) also experienced share price appreciation, stockbrokers at Cowry Asset Management Limited told investors in its market note.

Trading data from the Nigerian bourse showed that market performance indicators grew by 0.22% while year to returns stood at +15.78%.

The market index or All-Share Index inched higher by 132.13 basis points as the number of gainers (46) well outweighed that of losers (23) at the close of trade. Thus, the All-Share Index advanced by 0.2% to 59,338.76 points.

Despite the drive, market activities were mixed as the total volume traded for the day decreased by -11.97%, while the total value traded was up by +42.69% respectively.

Stockbrokers at Atlass Portfolios Limited told investors in a note that approximately 552.69 million units valued at ₦13,056.99 million were transacted in 8,052 deals. Data from the domestic bourse showed that ACCESSCORP was the most traded stock in terms of volume, accounting for 13.53% of the total volume of trades.

The financial service stock was followed by BUACEMENT (8.23%), GTCO (8.13%), UNIVINSURE (7.32%), and ETI (7.22%) to complete the top 5 on the volume chart. BUACEMENT was the most traded stock in value terms, with 29.58% of the total value of trades on the exchange.

ACADEMY, ABCTRANS, IKEJAHOTEL, TANTALIZER, THOMASWY, and TRANSCOHOT topped the advancers’ chart with a price appreciation of 10.00 percent each. These stocks were trailed by ETERNA which popped up 9.78%, SKYAVN gained 9.73%, IMG rose by 9.52%, and LEARNAFRCA did a 9.36% price jump in addition to thirty-five others.

According to Atlass Portfolio Limited, twenty-three stocks depreciated, where UNITYBNK was the top loser, with a price depreciation of -10.00% to close at ₦0.99/ JAPAULGOLD (-9.23%), VERITASKAP (-8.70%), CUTIX (-5.45%), BERGER (-4.07%), and FBNH (-16.90%) also dipped in price.

Meanwhile, sectorial performance closed positive, as all the five major market sectors were up, led by the Banking sector (+2.40%), followed by the Insurance sector (+1.68%), the Industrial sector (+1.00%), the Oil & Gas sector (+0.52%), and the Consumer goods sector (+0.14%).

Overall, stock market capitalisation jumped higher by ₦71.94 billion to close at ₦32,308.67 trillion from ₦32,236.73 trillion last Friday.v#Equities Market Adds Weight Over Sustain Tier-1 Banks Rally Nigerian Treasury Bills Yield Rises to 7%