Domestic equities market sustains bullish run, gains N1.756trn
Bulls continued dominance Thursday on the Nigerian Exchange as demand for low, mid and high cap stocks persisted, with the market making new all-time high on a daily basis, thus reflecting investor confidence and continued flow of funds into the equity space.
The composite NGX All-Share index broke out the 121989.67 points level, rising to 124448.80 points on a high traded volume and expanded positive market internals and buying sentiment.
Market capitalisation of listed equities increased by N1.756 trillion or 2.28 per cent to N78.726 trillion from N76.970 trillion reported the previous day.
Also, the numbers of companies whose share prices increased, just as sectorial indexes breaking out new highs, all of which impacted on the market positively.
The market sentiment remained positive as reflected by a strong market breath, 70 stocks recorded gains against 10 decliners.
As a result, year to date return surged to 20.91 per cent.
An analysis of the investment showed that HMCall, UPDC and FTNCocoa recorded 10 per cent each to close at N N4.73, N4.62 and N6.82 per unit respectively. Caverton Business Solutions and United Bank for Africa also gained 10 per cent each to close respectively at N8.82 and N39.60 per unit.
On the contrary, Neimeth international Pharmaceutical topped losers’ chart, dropping by 9.91 per cent to close at N9.00 per unit, Legend Internet trailed with a loss of 9.88 per cent to close at N7.21 per unit, IMG dipped by 7.38 per cent to close at N34.00, Cadbury Nigeria Plc fell by 6.22 per cent to close at N55.00 while Livestock Feeds declined by 5.67 per cent to close at N9.15 per share.
Volume of trades went up by 391.297 million, representing 44.03 per cent as investors traded 1.280 billion shares worth N27.726 billion in 27875 deals against 888.703 million shares valued at N15.609 billion in 24305 deals.
Transactions in the shares of Access Holdings Company led market activities with 174.219 million shares valued at N3.985 billion, AIICO Insurance followed with account of 81.960 million shares valued at N165.013 million, JapaulGold exchanged 74.017 million shares cost N245.203 million, United Bank for Africa traded 64.505 million shares valued at N2.520 billion, FCMB group sold a total.of 63.302 million shares cost N585.746 million.
The capital market operators said that the ongoing recovery on the NGX is creating opportunities for new entry and bargain hunting, as the market consolidates, especially if the expected corporate numbers beat investors’ expectations and Monetary Policy Rate remains unchanged at the forthcoming policy meeting of the CBN.
