Stocks Gain Yesterday by N85bn as Market Sentiments Was Positive

Nigerian stocks started with a good trading week yesterday as investors gained N851 billion yesterday. This increase was inspired by the jump in  Dangote Cement Plc and 70 other companies.

The All-Share Index (ASI) rose to 1,563.28 points, or 2.48%, to settle at 64,603.69 points, this is the highest level since March 17, 2008. While market capitalization increased by N851 billion to N35.177 trillion.

The recovery was fueled by price declines in big and medium-cap equities such as Dangote Cement, Conoil, MRS Oil Nigeria, MTN Nigeria Communications (MTNN), and Stanbic IBTC Holdings.

Analysis Report at United Capital Plc: “We expect the bullish sentiments in the equities market to persist on the back of the attractiveness of the market over the depressed rates in the fixed-income market.

“Also, we believe the positive sentiments around the new policies to continue to drive the rally in the market. Lastly, we expect investors to begin to take positions ahead of the upcoming Q2, 2023 earnings season.”

As measured by market breadth, market sentiment was positive, with 71 equities gaining versus 19 losers. DAAR Communications, Dangote Cement, MRS Oil Nigeria, Neimeth International Pharmaceuticals, and Jaiz Bank all gained 10% to close at 22 kobo, N330.10, N109.45, N2.20, and N1.98 per share, respectively.

Top Gainers: Transcorp Hotels followed with a 9.98% rise to close at N35.91, while Conoil gained 9.97% to close at N112.50 a share.

Top Losers: Pharma Deko led with a 9.85% fall to close at N1.83 per share. Union Dicon Salt followed with a 9.50% fall to close at N8.10, while Berger Paints Nigeria fell 9.09% to close at N10.00 a share.

• Guinea Insurance dropped 7.69% to settle at 24 kobo, while Champion Breweries fell 5.43% to close at N4.35, a share.

Total Equity Traded: The entire amount of trades increased by 49.8% to 1.839 billion units worth N22.033 billion, which were traded in 14,584 transactions. 

Lead Stocks Traded: FBN Holdings (FBNH) led with 198.222 million shares worth N4.418 billion, followed by Universal Insurance with 184.656 million shares worth N53.465 million, and Sterling Financial Holdings Company with 161.679 million shares worth N724.332 million.

• Transnational Corporation (Transcorp) traded 156.417 million shares valued at N706.916 million, while AIICO Insurance traded 98.322 million shares valued at N73.579 million.