Transactions on the Nigerian Exchange Limited (NGX) concluded positively yesterday as a result of bargain hunting in MTN Nigeria and seven companies, increasing market capitalization by N36 billion.
The All Share Index (ASI), which closed at 44,461.63 points, increased by 64.90 points, or 0.15 percent. While the market capitalization as a whole increased by N35 billion to end the day at N24.21 trillion.
Gains in medium- and large-capitalized firms, including MTNN, Beta Glass Nigeria, Lafarge Africa, Ardova, and Red Star Express Plc, had an impact on the recovery.
As investors stay away from equities and take advantage of the rising interest rates in the fixed income market, United Capital Plc anticipates that this week’s stock performance will be unfavorable.
“However, as investors look to take positions ahead of the Q3, 2022 results season, we may see some bargain hunting in stocks that have underlying fundamentals,” the report said.
“With the current macroeconomic conditions still severely affecting the market, we still foresee cautious trading sessions with lower market activity,” analysts at Vetiva Dealings & Brokerage stated.
“However, we may see some bargain hunting in stocks that have underlying fundamentals as investors look to take positions ahead of the Q3, 2022 earning season,” it stated.
However, 18 equities declined compared to 8 gainers, reflecting a negative market sentiment as indicated by market breadth. Red Star Express experienced the largest price increase, rising 8.22% to settle at N2.37 kobo. Beta Glass came next, rising 5.90% to close at N43.95 kobo. Wapic Insurance increased 5.88% to finish at 36 kobo.
To close at N22.55 kobo, Lafarge Africa had a 2.73 percent increase. A 2.19 percent increase helped Ardova close at N14. Mansard gained 1.88 kobo to close at N1.63 kobo, while Ardova gained 2.19 percent to close at N14. MTN Nigeria gained 1.28% to end the day at N197.50 kobo. By moving up 1.11 kobo, Fidson closed at N9.10 Kobo.
Unilever Nigeria, on the other hand, finished at N10.80 kobo and led the losers’ table by 10%. Lasaco Assurance depreciated by 4.60 percent to conclude at 83 kobo, while NEM Insurance fell by 9.50 percent to close at N4.
Sovereign Trust Insurance lost 3.85% of its value to close at 25 kobo, while Regency Alliance Insurance lost 4.17 percent to close at 23 kobo.
To close at N1.52 kobo, Sterling Bank lost 3.80 kobo. PZ Cussons lost 3.80 kobo as well, ending the day at N8.85 kobo. To close at 27 kobo, Japaul Gold lost 3.57 percent. To close at 28 kobo, Mutual Benefit Assurance experienced a 3.45% decrease. Oando lost 3.12% to finish at 28 kobo. Additionally losing 1.17 percent to close at N1.15 kobo was livestock.
72.328 million units were traded for N2.169 billion in 2,887 deals, a 23.9% decrease in overall trade volume. Transnational Corporation of Nigeria (Transcorp) share transactions, totaling 11.352 million shares valued at N11.929 million, topped the list of activities.
Guaranty Trust Holding Company (GTCO) traded 5.277 million shares worth N97.319 million, while Nigerian Exchange Group (NGX Group) traded 5.611 million shares worth N120.06 million.
Fidelity Bank traded 3.923 million shares worth N14.433 million, while Sovereign Trust Insurance traded 4.120 million shares worth N1.05 million.
