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Thursday, May 26, 2022

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Local bourse climbs 0.15% as naira falls 0.30% on official forex window

By Ifeyinwa Ezeokoli

 

The Nigerian equities market extended its positive trend on Thursday as investors’ networth closed N42 billion stronger on renewed interest in Lafarge Africa.

Specifically, the market capitalisation value gained N42 billion to close at N28.528 trillion.

Also, the All Share Index (ASI) rose by 79.31 points, representing an increase of 0.15 per cent to close at  52,917.76.

Consequently, the month-to-date and year-to-date returns increased to 6.6 per cent and 23.9 per cent, respectively.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Presco, Okomu Oil, Lafarge Africa, Flour Mills of Nigeria and Ardova.

GTI Securities Limited said: “Stock market continues its impressive run for the second consecutive day.

“We expect the bargain hunting to persist, as more investors are positioned to hedge against rising inflation.”

Market sentiment, as measured by market breadth was positive with  32 gainers in relative to 23 losers.

Fidson Healthcare drove the gainers’ chart in percentage terms with 9.95 per cent to close at N11.38 per share.

Eterna followed with a gain of 9.94 per cent to close at N7.19, while McNichols Plc rose by 9.91 per cent to close at N1.22 per share.

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GlaxoSmithKline Consumer Nigeria rose by 9.87 per cent to close at N8.35,  while Lafarge Africa appreciated by 9.86 per cent to close at N31.75 per share.

On the other hand, Academy Press led the losers’ chart by 9.73 per cent to close at N1.67 per share.

Consolidated Hallmark Insurance followed with a decline of 9.68 per cent to close at 56k, while Linkage Assurance depreciated by 8.70 per cent to close at 63k per share.

Veritas Kapital Assurance declined by 4.55 per cent to close at 21k, while AIICO Insurance depreciated by 3.80 per cent to close at 76k, per share.

Meanwhile, the total volume of trades rose by 2.07 per cent to 426.02 million units valued at N5.697 billion exchanged in 7,639 deals.

Transactions in the shares of  Transcorp topped the activity chart with 94.39 million shares valued at N122.73 million.

Zenith Bank followed with 24.48 million shares worth N590.08 million, while Lafarge Africa traded 19.23 million shares valued at N601.95 million.

Abbey Mortgage Bank sold 18.37 million shares valued at N24.39 million, while Access Holdings transacted 18.36 million shares worth N163.579 million.

Meanwhile, the local currency fell against the dollar on the Investors and Exporters (I&E) foreign exchange window on Thursday.

The local currency depreciated by 0.30 per cent as the dollar was quoted at N420 compared with the last close of N418.75 to the dollar.

Most participants maintained bids between N410 and N444 to the dollar on the I&E forex window.

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