Stocks Appreciate N111 Billion after 9-Day Loss-Making Streaks

Stocks Appreciate N111 Billion after 9-Day Loss-Making Streaks

Stocks appreciate by N111 billion on Friday after 9-day loss-making streaks which saw the Nigerian Exchange all-share index plunged 0.08% this week. Market capitalisation close at N19.940 trillion after a 4.17% gain in Dangote Cement reversed the sustained bearish trend witnessed for 9 consecutive trading sessions.

Consequently, the Nigerian bourse gained 0.56%, compressing year to date losses to 5%.Distilling the performance reveals strong gains in shares of DANGCEM (+4.17%) as investors cheered the company’s notice of renewal of a share buyback program published on the Nigeria exchange yesterday.

Chapel Hill Denham said all its five coverage sectors recorded noticeable gains as at close of market today. For context, NSE Consumer and NSE Industrial gained 0.56% and 0.57%, while NSE Banking and NSE Oil & Gas rose by 0.14% and 1.78% respectively. NSE Insurance sector (+2.5%) finished as the best performing sector today.

As at close of market today, IKEJAHOTEL (+10.00%), ROYALEX (+9.46%) and NEIMETH (+9.30%) were today’s best performer.  Meanwhile, ACADEMY (-8.33%), LASACO (-7.69%) and JOHNHOLT (-7.35%) finished as the worst performer.

Japaul Gold increased by 9.26 per cent to close at 59k, while Mutual Benefits rose by 9.09 per cent to 48k per share. On the other hand, Academy Press topped the losers’ chart in percentage terms, dropping 8.33 per cent per share.

LASACO Insurance trailed with 7.69 per cent to close at N1.44, while JohnHolt shed 7.35 per cent to 63k per share. Presco dipped 3.80 per cent to N75.90, while BUA Cement declined by 3.03 per cent to close at N75 per share.

The activity level in the market today was reminiscent of the sturdy ASI performance as both traded volume and value soared.  For clarity, while volumes traded rose 6.82% to 229mn units, value traded more than doubled to N3.671bn—highest level in three weeks.

GUARANTY (1.29bn), ZENITH (N465.49mn) and NESTLE (N426.87mn) were the most traded stocks by value.

Guaranty Trust Bank drove the activity chart, trading 46.33 million shares valued at N1.29 billion. Zenith Bank followed with an account of 20.24 million shares worth N465.49 million, while Transcorp traded 20.16 million shares valued at N17.85 million.

Fidelity Bank sold 17.54 million shares worth N39.27 million, while Mutual Benefits Assurance exchanged 12.91 million shares valued at N6.04 million.

Elsewhere, the Chapel Hill Denham’s Paramount Equity Fund (PEF) and the Women Investment Fund (WIF) increased by 144bps and 80bps, respectively.

Stocks Appreciate N111 Billion after 9-Day Loss-Making Streaks