Listed stocks recovered losses to close positively yesterday, helped by buying interest in 20 stocks, including Airtel Africa Plc, and the All-Share Index (ASI), which increased by 0.7%.
The ASI increased by 352.49 absolute points, or 0.67 percent, to settle at 52,701.31 points at the end of yesterday’s trading.
As a result, investors made N192 billion in profit as the market valuation increased to N28.705 trillion. Gains in medium- and large-capitalized stocks, including Airtel Africa, Nestle Nigeria, MRS Oil Nigeria, Flour Mills of Nigeria, and Vitafoam Nigeria, were impacted by the upturn.
Looking ahead According to United Capital Plc, “We expect the yield environment to continue weak due to surplus maturities in Q1, 2023, making the equity market look promising overall.
“However, we note that there might be pockets of bearish sentiments across the market as investors book profits from extended rallies.” Vetiva Dealings and Brokerage said: “We expect to see sustained buy-interest across board, as investors position ahead of earnings result, with slight profit taking in some counters.”
21 stocks saw gains, while 15 stocks posted drops, resulting in a positive market breadth closing. The most significant price increase, of 10%, was achieved by UPDC Real Estate Investment Trust (UPDCREIT), which closed at N3.30 per share.
MRS Oil Nigeria came in second, rising 9.93% to close at N15.50, while Chellarams increased 9.92% to close at N1.33 per share.
While McNichols gained 7.02% to close at 61 kobo per share, SUNU Assurance increased by 8.82% to close at 37 kobo.
On the other hand, UACN Property Development Company (UPDC), which closed at 94 kobo per share, topped the losers’ chart by 6.93%. Geregu Power closed at N139 after suffering a loss of 6.71 percent.
Linkage Assurance’s share price declined by 6.38 to settle at 44 kobo. While PZ Cussons Nigeria lost 5.21 percent to settle at N10.00 per share, Royal Exchange lost 5.26 percent to close at 90 kobo.
A total of 3,681 deals were completed for a 3.0% increase in volume to 228.487 million shares for N4.443 billion. With 76.739 million shares changing hands for N118.908 million, transactions in Sterling Bank shares topped the list of activity. With 17.568 million shares valued N5.180 million, Chams came in second.
16.754 million shares of Guaranty Trust Holding Company (GTCO) were exchanged for N401.981 million. While Royal Exchange exchanged 10.651 million shares worth N9.341 million, Zenith Bank traded 11.323 million shares worth N276.034 million.