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Gains on Geregu Power, others lift domestic equity market

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By Ifeyinwa Ezeokoli 

 

The domestic equities market resumed this week’s trading on a positive note following bargain-hunting in Geregu Power and 17 others stocks. 

Thus, the All-Share Index advanced by 63.01 points representing an increase of 0.12 percent to close at 52,657.69 points.

Consequently, the year-to-date return settled at +2.7 percent.

Also, the market cap of equities listed on the NGX increased to N28.681 trillion from N28.647 trillion on the previous close.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Geregu Power, Guinness Nigeria, Berger Paints Nigeria, Multiverse Mining & Exploration and Zenith Bank.

On market outlook for the week, United Capital Plc said “at current levels, we caution investors that the equities market is due a breather and thus we anticipate some of the profit taking that started last week will continue into this week’s sessions. 

“Nevertheless, we view this as an opportunity to buy attractive stocks on dips as we retain the view that depressed interest rate levels will sustain the fuel for an equity market uptrend in Q1, 2023.”

Investor sentiment, as measured by market breadth closed positive with 18 stocks gainers against 13 losers. 

John Holt led the gainers’ chart in percentage terms by 9.38 percent to close at N1.05 per share. 

Secure Electronic Technology followed with 9.09 percent to close at 24k, while Chams rose by 7.69 percent to close at 28k per share.

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Geregu Power went up by 6.92 percent to close at N148.40, while Associated Bus Company appreciated by 6.90 percent to close at 31k per share. 

On the other hand, Cornerstone Insurance topped the losers’ chart in percentage terms with 10 percent to close at 54k per share. 

Computer Warehouse Group followed with a decline of 9.62 percent to close at 94k, while Japaul Gold & Ventures declined by 6.67 percent to close at 28k per share.

Unity Bank depreciated by 5.17 percent to close at 55k, while Courteville Business Solutions declined by four percent to close at 48k per share.

However, the total volume of trades decreased by 67.61 percent to 143.74 million units, valued at N1.78 billion exchanged in 4,078 deals. 

Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 19.66 million shares valued at N229.72 million.

Chams followed with 11.22 million shares worth N3.11 million, while Guaranty Trust Holding Company traded 10.99 million shares valued at N264.99 million.

Transcorp traded 10.57 million shares valued at N12.81 million, while Sterling Bank transacted 10.20 million shares worth N15.93 million.

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