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HomeBusinessRush for Transcorp, 23 others stock drive market cap up by N9...

Rush for Transcorp, 23 others stock drive market cap up by N9 bln

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By Ifeyinwa Ezeokoli 

The Nigerian stock market on Monday traded marginally higher in the first session of this week as bargain-hunting in Transcorp and 23 others spurred a N9 billion increase in the overall market capitalisation.

Accordingly, the market capitalisation gained N9 billion to close at N28.440 trillion.

Also, the All Share Index gained by 16.67 points, representing a growth of 0.03 percent to close at 52,231.29 points.

Consequently, the month-to-date and year-to-date returns settled at -0.3 percent and +1.9 percent, respectively.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Julius Berger, Nigerian Aviation Handling Company, Vitafoam, Oando and NCR Nigeria.

This week, United Capital Plc, recommended a cautious approach toward the Nigerian equities market.

According to United Capital, we expect bullish sentiments to linger, with plenty room for profit-taking. Technically, stocks that are overbought in the equities market often tend to retrace to a support.

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“For Equity vested managers/investors, switching to defensive stocks with high dividend performance will be a choice strategy. Our expectation for an upward reversal of the yield curve remains a strong downside for the equities market in the short term.

Also, political risks will remain a high, encouraging risk-off sentiments.”

As measured by market breadth, market sentiment was positive with 24 gainers in relative to 19 losers.

Oando led the gainers’ chart in percentage terms with 9.91 percent to close at N6.10 per share.

NCR followed with a gain of 9.77 percent to close at N2.81, while Transcorp rose by 9.65 percent to close at N2.84 per share.

Ikeja Hotel improved by 9.62 percent to close at N1.71, while Julius Berger appreciated by 8.77 percent to close at N31 per share.

On the other hand, CWG led the losers’ chart in percentage terms by 9.66 percent to close at N1.87 per share.

NEM Insurance trailed with 9.45 percent to close at N4.12, while Royal Exchange declined by 7.41 percent to close at 50k per share.

Cutix depreciated by 4.13 percent to close at N2.32, while AIICO Insurance declined by 3.39 percent to close at 57k per share.

The total volume traded declined by 55.8 percent with an exchange of 626.39 million units valued at N5.60 billion exchanged in 6,033 deals.

Transactions in the shares of Transcorp topped the activity chart with 190.85 million shares valued at N530.83 million.

Access Holdings followed with 125.06 million shares worth N1.25 billion, while FBN Holdings traded 79.71 million shares valued at N956.48 million.

United Bank for Africa traded 39.10 million shares worth N324.29 million, while Royal Exchange sold 27.93 million shares valued at N14.21 million.

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

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