Equities market begins week on bullish note as investors gain N1.855trn

By Motolani Oseni

The domestic equities market yesterday kick-started the week on a positive note, as gains in newly listed Transcorp Power Plc and 25 others lifted the overall market capitalisation by N1.855 trillion.

Transcorp Power listed 7.5 billion shares at N240.00 per share, amounting to N1.8 trillion on the main board of NGX. The All-Share Index (ASI) gained 95.91 points, representing a gain of 0.10 per cent to close at 98,847.89 points.

Also, market capitalisation rose by N1.855 trillion to close at N55.890 trillion.

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The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Transcorp Power, Geregu Power, BUA Cement, PZ Cussons Nigeria and Transnational Corporation (Transcorp).

This week, United Capital Plc said: “we expect mixed sentiment towards equities investments, with bearish sentiments possibly outweighing positive sentiments as a direct result of the high yields in the fixed income market.

“However, we expect increased appetite among investors towards corporates in the financial services sector, as investors look to continue to position themselves in dividend-paying stocks ahead of full-year dividend declarations.”

Investor sentiment, as measured by market breadth was slightly positive as 26 stocks gained relative to 25 losers. Transcorp Power emerged the highest price gainer of 10 per cent to close at N265.00, per share. Transcorp followed with a gain of 9.94 per cent to close at N15.70, while PZ Cussons Nigeria advanced by 9.93 per cent to close at N37.10, per share.

NEIMETH International Pharmaceuticals increased by 9.88 per cent to close at N1.89, while Juli added 9.87 per cent to close at N4.12, per share.

On the other side, Dangote Sugar Refinery, Unity Bank and Vitafoam Nigeria led others on the losers’ chart with 10 per cent each to close at N53.10, N1.98 and N22.95 respectively, per share.

NASCON Allied Industries followed with a decline of 8.55 per cent to close at N53.50, while MTN Nigeria Communications (MTNN) shed 7.82 per cent to close at N185.00, per share.

The total volume traded rose by 16.87 per cent to 429.640 million units, valued at N19.924 billion, and exchanged in 10,749 deals.

Transactions in the shares of Transcorp led the activity with 203.433 million shares worth N3.187 billion. Transcorp Power followed with account of 40 million shares valued at N10.560 billion, while United Bank for Africa (UBA) traded 19.589 million shares valued at N448.026 million.

AIICO Insurance traded 12.672 million shares worth N13.085 million, while Access Holdings traded 12.390 million shares worth N259.935 million.