The Nigerian equities market yesterday opened the trading week on a strong note, as investors’ investment grew by N412 billion.
As a result, the All-Share Index gained 655.93 points, representing a gain of 0.62 per cent to close at 106,698.50 points. Also, market capitalisation rose by N412 billion to close at N67.060 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Aradel Holdings, Presco, Beta Glass, MTN Nigeria Communications (MTNN) and Nigerian Breweries.
Looking forward, United Capital Plc said, “the equities market might be mixed due to the elevated interest rate environment in the fixed-income market, we still expect bearish sentiments to linger in the background.
“Generally, investors await the Monetary Policy Committee (MPC)’s decision in their upcoming meeting in May. Concurrently, retail investors are engaging in profit-booking, resulting in selloffs that impede the consistent upward movement of stock prices.”
As measured by market breadth, market sentiment was positive, as 35 stocks gained relative to 29 losers. Beta Glass emerged the highest price gainer of 9.97 per cent to close at N120.75, per share. The Initiates Plc (TIP) followed with a gain of 9.9O per cent to close at N5.44, while Cadbury Nigeria rose by 9.87 per cent to close at N35.05, per share.
Caverton Offshore Support Group increased by 9.77 per cent to close at N2.92, while Multiverse Mining & Exploration added 9.45 per cent to close at N6.95, per share.
On the other side, Ecobank Transnational Incorporated led others on the losers’ chart with 9.62 per cent to close at N23.50, per share. Meyer followed with a decline of 6.70 per cent to close at N8.35, while Custodian Investment shed 4.72 per cent to close at N17.15, per share.
Mutual Benefits Assurance lost 4.49 per cent to close at 85 kobo, while Access Holdings depreciated by 3.88 per cent to close at N21.05, per share.
The total volume traded increased by 0.66 per cent to 569.041 million units, valued at N18.934 billion, and exchanged in 18,612 deals. Transactions in the shares of First HoldCo led the activity with 106.038 million shares worth N2.640 billion. Guaranty Trust Holding Company (GTCO) followed with 87.184 million shares valued at N5.558 billion, while Access Holdings traded 42.913 million shares valued at N919.278 million.
Japaul Gold & Ventures traded 41.265 million shares worth N80.546 million, while Chams Holding Company traded 23.616 million shares worth N48.764 million.
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