N207b Gains Increase Capitalization To N30tr Despite The Wait For Election Results

Company Income Tax

Ahead of the 2022 full year scorecards, investors renewed stakes in stocks with impressive earnings and dividend distribution despite post-election uncertainty, as the market capitalization of the Nigerian Exchange Limited (NGX) reached N30 trillion.

Investors made a profit of N207 billion yesterday as market worth rose from N29.933 trillion on Friday to N30.140 trillion. Moreover, market capitalization increased from 54,949.21 points to 55,328.42 points by 379.21 or 0.7%.

Gains in medium- and large-capitalized stocks, including Geregu Power, Conoil, BUA Foods, Stanbic IBTC Holdings, and MRS Oil Nigeria, had an impact on the recovery.

United Capital Plc analysts stated: “We expect the equities market to remain bullish despite post-election uncertainties. We foresee opportunities for the buy-side to increase holdings (in the near-term) on fundamentally sound stocks with improved valuation and dividend performance. Nonetheless, we still expect profit-booking activity for overbought stocks.”

28 companies saw gains, while nine stocks sank as the market breadth closed in a positive direction. The three companies with the largest price increases—C & I Leasing, Oando, and Stanbic IBTC Holdings—closed at N3.63, N4.40, and N37.95 per share, respectively.

MRS Oil Nigeria increased by 9.66% to close at N33.50 a share, while Conoil increased by 9.98% to settle at N46.85. Up 9.05 percent to close at N34.94, flourmills.

The price of Sovereign Insurance increased by 7.14% to finish at 30 kobo. To finish at 64 kobo, Cornerstone Insurance saw a 6.67 percent increase. Geregu increased 5.69% to finish at N269.50 kobo. Ikeja Hotel increased by 5% to end at N1.26 kobo.

FTN Cocoa Processors, on the other hand, lead the losers’ chart by 6.90% apiece to close at 27 kobo and N3.24 per share. Following with a 4.0% loss to close at 96 kobo, UACN Property Development Company (UPDC) and Japaul Gold & Ventures also had their share prices fall.

Mutual Benefits Assurance lost 3.03 percent to settle at 32 kobo per share, while Transnational Corporation (Transcorp) lost 3.08 percent to conclude at N1.26.

In order to close at N15, United Capital lost 2.91 percent. Fidelity Bank decreased by 99% to close at N5. Lasaco dropped by 95% to end the day at N1.04 kobo. Nigerian Breweries likewise experienced a 36% decline, closing at N41.35 kobo.

There were 3,186 trades totaling 149.781 million shares exchanged for N1.542 billion, a 25.77% increase in trading volume. Oando share transactions, totaling 14.287 million shares and N62.640 million, topped the list of activities.

Following Trancorp, who exchanged 11.716 million shares worth N14.734 million, 10.734 million shares of Fidelity Bank were traded for N53.748 million.

United Bank of Africa (UBA) traded 9.110 million shares worth N77.143 while Chams Holding Corporation exchanged 10.293 million shares worth N2.859 million.

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