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Tuesday, September 27, 2022

Nigeria: Gains By Big-Cap Bank, Energy Shares Catapult Nigerian Stocks Above N20 Trillion Mark

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The all-share index expanded 198.03 points to 38,418.04 just as market capitalisation jumped to N20.027 trillion.

Nigerian stocks crossed N20 trillion on Tuesday as the benchmark index scaled up by 0.52 per cent, touching a level last seen on June 21 with a jumble of heavyweight bank and oil & gas equities leading the charge.

Traders’ blossoming confidence in Seplat, Total, Access and Zenith particularly strengthened gains as the market sustained a bull run that is now in its fifth day.

Earnings release for the second quarter and the half year will start trickling in the weeks ahead and hopes are high for improved results across sectors as Africa’s largest economy rebalances from a recession that capped the coronavirus outbreak last year.

“We expect the market to sustain its positive performance as investors’ position ahead of the H1:2021 earnings result,” said broker Afrinvest.

Market breadth closed on an upbeat note with 28 gainers emerging against 10 advancers. The all-share expanded 198.03 points to 38,418.04 just as market capitalisation jumped to N20.027 trillion.

The index has been down by 4.6 per cent.


May & Baker led gainers, appreciating 9.65 per cent to close at N4.43. UACN Property went up 9.57 per cent to N1.03. Total rose to N158.40, notching up 9.24 per cent in the process. Consolidated Hallmark added 9.23 per cent to end trade at N0.71. UPL completed the top 5, climbing by 9.21 per cent to N1.66.


Eterna was the worst performing stock, declining by 9.73 per cent to close at N6.77. Linkage Assurance shed 9.41 per cent to close at N0.77. Unity Bank fell to N0.57, losing 8.06 per cent. Wapic slid to N0.56, recording 5.08 per cent depreciation. Jaiz Bank closed at N0.57, going down by 1.72 per cent.


Altogether, 426.270 million shares estimated at N4.750 billion were traded in 4,972 deals.

Fidelity was the most active equity with 42.068 million units of its shares, worth N96.625 million transacted in 185 deals. FBN Holdings traded 32.405 million shares priced at N242.558 million in 219 transactions. UBA had 22.742 million shares valued at N174.871 million traded in 347 deals. Access traded 13.757 million shares estimated at N124.703 million in 301 transactions. Wema traded 11.670 million shares valued at N8.520 million in 95 deals.

source: premium times

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