Stocks Gain N382bn on Fresh Barging Hunting in DANGCEM, Nestlé
Stocks gain N382 billion on Wednesday after two days of losing streaks, driven by bargain hunting in Dangote cement and consumers giants, Nestle Nigeria.
Today’s gain upturned the last two days’ negative sentiment with a growth of 1.89%, the highest daily growth in 2021, according to Atlass Portfolios Limited.
The significant upturn follows the investors buying interest in medium and highly capitalized stocks, such as FBNH, DANGCEM, NESTLE, GTCO and 20 others.
Consequently, the All-Share Index rose by 733.30 basis points representing a 1.89 per cent increase to close at 39,592.29 points amidst the CBN primary market auction held today.
The price appreciation recorded lifted that stock market capitalisation by ₦382.06 billion to close at ₦20.63 trillion while year to date loss slow down to -1.7 per cent.
Data from the Nigerian Exchange shows that the market activities were mixed, despite the large volume of transactions on FBNH as the total volume depreciated by 9.87 per cent, while the total value traded rose by 31.57 per cent.
A total of 474.37 million units of shares valued at ₦4.01 billion were traded in 3,547 deals.
FBNH topped the traded stocks in terms of volume, accounting for 55.80 per cent of the total volume of trades, followed by UNIVINSURE (16.16%), MANSARD (2.76%), ZENITH BANK (2.55%), and FIDELITY (2.37%) to complete the top five on the volume chart.
Also, FBNH appeared to be the most traded stock in value terms, with 51.20 per cent of the total value of trades on the exchange.
NNFM topped the gainers’ chart with price appreciation of 6.88 percent, followed by FBNH (6.62%), DANGCEM (6.53%), NESTLE (6.36%), PRESCO (5.48%), UCAP (2.30%), UBA (2.01%), UACN (1.49%), ZENITHBANK (0.86%), GTCO (0.72%), WAPCO (0.66%), ACCESS (0.55%) and 12 others.
Conversely, JBERGER led the decliners’ chart as its share price dipped by 10.00 percent to close at ₦24.30, as MANSARD (-10.00%), CHIPLC (-7.02%), VITAFOAM (-4.57%), JAPAULGOLD (-2.17%), OANDO (-0.95%), LIVESTOCK (-0.89%) and FIDELITYBK (-0.41%) amongst others also declined in price.
On this note, the market breadth closed positively, recording 24 gainers and 14 losers.
Afrinvest said performance across the sectors under its coverage remained mixed as 3 indices gained, 2 lost, while the AFR-ICT index closed flat. Leading the gainers is the Industrial Goods index, up 3.6% on the back of buying interest in DANGCEM (+6.5%) and WAPCO (+0.7%).
Trailing, the Consumer Goods and Banking indices rose 3.1% and 0.8% respectively due to price uptick in NESTLE (+6.4%), UNILEVER (+2.3%), FBNH (+6.6%), and GTCO (+0.7%).
On the flip side, the Insurance and Oil & Gas indices recorded losses, down 2.0% and 0.2% respectively as a result of sell pressure on MANSARD (-10.0%), LASACO (-0.8%), and OANDO (-1.0%).
“In the final trading session for the week, we anticipate an extension of this positive momentum as investors snap up bargains ahead of the weekend”, analysts said.
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Stocks Gain N382bn on Fresh Barging Hunting in Dangcem, Nestlé
