Friday, March 24, 2023

Equities gain, market capitalisation up by N35bn

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The Nigerian Exchange Ltd., NGX, closed on an upward note on Thursday occasioned by gains in 25 stocks, as market capitalisation appreciated by N35 billion.

Specifically, market capitalisation of listed equities was increased by 0.14 per cent to N25.477 trillion, from N25.442 trillion recorded on Wednesday.

The All Share Index, ASI, also appreciated by 64.77 basis points to 47,272.04 points from 47,207.27 points recorded on Wednesday.

Investors traded 340.67 million shares valued at N3.86 billion in 5,383 deals against 230.66 million shares worth N3.49 billion traded in 4,377 deals the previous day, representing 10.44 per cent increase in value.

The  increase was impacted by gains recorded in medium and large capitalised stocks, among which are: MTN Nigeria, NGXGroup, SEPLAT, Nigerian Breweries and Custodian Assurance.

Also, market sentiment was positive as 25 stocks appreciated in price while 19 constituted the losers’ chart.

Analysts at Vetiva Dealing and Brokerage said, “Market activity  improved, with volume and value traded increasing by 47.70 per cent and 10.44 per cent to 340 million units and ₦3.8 billion respectively, while Custodian was the highest traded name following the 39 million units trades crossed at ₦7.20 price level.

“We expect another mixed sectoral performance to close out the week, with demand in large cap names sustaining the positive close amid cherry picking activities across board.”

On the price movement chart, Etransact recorded the highest gain increasing by 10 per cent to close at N2.42 from N2.2 per share.

LearnAfrica trailed with a gain of 9.92 per cent to close at N2.66k from N2.42 per share. Scoa Plc inched up by 9.69 per cent to close at N2.83 from N2.58 per share.

Royal Exchange Insurance gained 9.62 per cent to close at N1.14 from N1.04 per share while R.T Briscoe appreciated by 8.86 per cent to 86k from 79k per share.

However, Multiverse  shed eight per cent to close at 23 kobo. Japaul Gold depreciated by five per cent to close at 38kobo from 40k per share.

International Breweries lost 4.55 per cent to close at N5.25  from N5.5 per share while CHARMS dropped 4.35 per cent to close at 22k from 23 Kobo per share

Also Honey Flour shed 3.87 per cent to close at N3.73 from N3.88 per share.

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