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HomeBusinessAccess Holdings drives N92 bln growth in Nigeria's stock market

Access Holdings drives N92 bln growth in Nigeria’s stock market

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By Ifeyinwa Ezeokoli

Investors’ investment in the Nigerian stock market on Thursday rose by N92 billion amid gains recorded by Access Holdings and 27 others.

The All-Share Index (ASI) rose by 177.33, representing an increase of 0.35 percent, to close at 51,355.74 points.

Also, the market capitalization garnered N92 billion to close at N27.963 trillion.

The upturn was impacted by gains recorded in medium and large-cap stocks, among which are Access Holdings, FBN Holdings (FBNH), Transcorp Hotel, Fidelity Bank, and Ecobank Transnational Incorporated.

Market sentiment, as measured by market breadth, was positive, with 28 stocks rising relative to 16 falling.

Access Holdings and Transcorp Hotel topped the gainers’ chart in percentage terms by 10 percent each to close at N9.90 and N7.14 per share, respectively.

Transcorp followed with 9.87 percent to close at N2.24 per share.

Fidelity Bank rose by 9.85 percent to close at N5.80, while FCMB Group appreciated by 9.80 percent to close at N3.81 per share.

On the other hand, Champion Breweries led the losers’ chart in percentage terms by 9.96 percent to close at N4.43 per share.

Jaiz Bank followed with 8.42 percent to close at 87k, while Cutix depreciated by 4.35 percent to close at N2.20 per share.

Caverton Offshore Support Group declined by 2.91 percent to close at N1.00, while Eterna depreciated by 2.52 percent to close at N5.80 per share.

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Meanwhile, the total volume of trades declined by 52.79 percent to 600.78 million units, valued at N5.05 billion, exchanged in 4,309 deals.

Transactions in the shares of Transcorp topped the activity chart with 240.55 million shares valued at N589.36 million.

Access Holdings followed with 152.14 million shares worth N1.49 billion, while United Bank for Africa traded 39.19 million shares valued at N308.73 million.

Fidelity Bank traded 22.39 million shares valued at N125.47 million, while Zenith Bank transacted 18.11 million shares worth N397.26 million.

Cordros Research has expressed optimism that the NGX’s floor will be flooded with results in the coming week.

In the coming week, we expect the NGX’s floor to be flooded with results as the Q1-2013 earnings season commences in full swing.

“Thus, we expect decent earnings releases across the board to temper selling activities and support positive sentiments on the bourse.

“In the medium term, we expect investors’ sentiments to be influenced by developments in the macroeconomic landscape and the movement of yields in the fixed-income space.”

“Overall, we reiterate the need for positioning in only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings,” they said.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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