Following gains in Presco and 45 stocks, the Nigerian Exchange Limited (NGX) reopened in an upbeat yesterday with as overall capitalisation rising by N278 billion.
The all share index (ASI) gained 441.43 points, representing a growth of 0.37 per cent to close at 118,579.65 points. Accordingly, market capitalisation rose by N278 billion to close at N74.812 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Presco, Beta Glass, Vitaform Nigeria, Nigerian Aviation Handling Company (NAHCO) and NASCON Allied Industries.
Looking forward, United Capital Plc said: “The equities market might continue in its upward trend leading to a slight gain in the ASI. This is hinged on the market benefiting from the excess liquidity in the financial system.
“Similarly, investors might start positioning for Q2 earning season in June, favouring corporates with FX gains, cost control, clear growth trajectory, and those with potentials for quality interim dividend payment. We advise investors to cherry pick fundamentally sound stocks with potential for interim dividend payment.”
Vetiva Dealing and Brokerage said: “What will shape the market in the next trading session. With the ASI sustaining its upward momentum and key sectors continuing to attract inflows, the market appears primed for another session of measured optimism.
“That said, profit-taking in recently rallied large-cap names, particularly in the banking and telco space, could moderate gains. Investors are likely to remain rotational in their positioning, with pockets of interest expected in consumer goods.”
Market sentiment remained broadly positive, as reflected by a strong market breadth, 46 stocks recorded gains against 22 losers. Beta Glass, Champion Breweries, FTN Cocoa Processors, Neimeth International Pharmaceuticals and Presco recorded the highest price gain of 10 per cent each to close at N303.60 kobo, N9.02 kobo, N3.08 kobo, N4.07 kobo and N1,210 respectively.
University Press and Legend Internet followed with a gain of 9.97 per cent each to close at N6.62 kobo and N8.71 kobo respectively, while Ellah Lakes also rose by 9.94 per cent to close at N5.81 kobo.
On the other hand, Julius Berger Nigeria led the losers’ chart by 7.48 per cent to close at N117.50 kobo. Chams Holding Company followed with a decline of 5.09 per cent to close at N2.05 kobo, while Secure Electronic Technology declined by five per cent to close at 57 kobo.
Multiverse Mining and Exploration depreciated by 4.66 per cent to close at N9.20 and Red Star Express declined by 3.85 per cent to close at N7.50 kobo.
The total volume traded advanced by 29.74 per cent to 653.657 million units, valued at N21.327 billion, and exchanged in 22,206 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 141.71 million shares valued at N2.665 billion. Zenith Bank followed with 46.255 million shares worth N2.347 billion, while Nigerian Breweries traded 38.092 million shares valued at N2.209 billion.
FTN Cocoa processors traded 37.976 million shares valued at N115.904 million, while Access Holdings sold 37.93 million shares worth N843.734 million.
