Following yesterday’s resumption of trading, the Nigerian stock market recovered as investors looking for a deal on MTN Nigeria and 15 other stocks increased the market capitalization by N41 billion.
In particular, the All Share Index (ASI) increased by 76.36 points, or 0.14 percent, to close at 55,605.57 points yesterday, while the total market capitalization increased by N41 billion to conclude at N30.291 trillion.
Gains in medium- and large-capitalized stocks, including MTNN, Julius Berger Nigeria, Okomu Oil, Nigerian Aviation Handling Company (NAHCO), and United Capital Plc, had an impact on the recovery.
In response to the state of the market, experts at United Capital Plc said: “We expect the overall bullish sentiments in the equities market to linger. This is hinged on the view that investors’ bullish sentiments will prevail amid post-election uncertainties and a depressed interest rate environment, particularly at the short end of the curve.”
“We foresee opportunities for buy-side investors to increase holdings in the near term on fundamentally sound stocks with improved valuation and dividend yield. Nonetheless, we still expect profit-booking activities on stocks that have crossed the overbought region.”
Nonetheless, 20 equities sank compared to 16 gainers, reflecting a negative market sentiment as indicated by market breadth. The biggest price increase, 10%, was registered by Julius Berger Nigeria, which closed at N26.95 per share.
After Unity Bank, which increased by 9.26% to close at 59 kobo, International Energy Insurance increased by 8.33% to close at N1.30 per share.
A 4.67 percent increase brought Livestock Feeds’ closing price to N1.12 kobo.
The share price of Chams Holding Company increased by 4.00% to close at 26 kobo. AIICO gained 3.39 percent to finish the day at 61 kobo. To close at N8.55 kobo, Nigerian Aviation Handling Company (NAHCO) had a 3.01 percent increase.
At N1.54 kobo, Sterling Bank gained 2.67 percent. To close at N4.87 kobo, Champion Breweries gained 1.88 percent. With the closing price of N14.80 kobo, United Capital increased by 1.37 percent.
The price of Okomu oil increased by 1.27 percent to N183.50 kobo at the closing. MTN Nigeria increased by 1.22% to end the day at N248.
Computer Warehouse Group (CWG), on the other hand, lead the losers’ list by 7.14% to settle at 91 kobo per share. FTN Cocoa Processors came in second, falling 6.67% to close at 28 kobo.
Oando’s share price dropped by 4.39 percent to N4.36 at the close. Japaul Gold and Ventures down by 3.45% percent to settle at 28 kobo a share, while Courteville Business Solutions fell by 4.17 percent to close at 46 kobo.
To close at 63 kobo, Cornerstone Insurance saw a 3.08 percent loss. To close at 40 kobo, Wapic Insurance saw a 2.44 percent decline. NGX Group lost 2.21 percent of its value to end the day at N26.50 kobo.
A 1.87 percent decline caused UPDC to close at N1.05 per kobo. To conclude at N5.80 kobo, Custodian and Allied Insurance saw a 1.69 percent decline. To close at N32.95 kobo, Flourmills lost 1.64 percent of its value.
With 4,076 transactions, the total volume traded fell by 83.5% to 123.545 million units, worth N2.484 billion. Transnational Corporation (Transcorp) share transactions, totaling 11.8 million shares valued at N15.362 million, topped the list of activities.
Following with 9.396 million shares valued at N248.302 million, Guaranty Trust Holding Company (GTCO), followed by 9.192 million shares exchanged by United Bank for Africa (UBA) for N79.044 million.
Fidelity Bank traded 6.448 million shares worth N33.185 million, while Oando traded 8.354 million shares worth N36.778 million.
