• Analysts predict profit-taking in coming days
The renewed buying interests in blue chips occasioned by anticipations of positive plans from the new government continued at the end of transactions yesterday on the equities sector of the Nigerian Exchange Limited (NGX) as market capitalisation gained N17 billion.
Yesterday, the All-Share Index rose by 30.93 per cent, representing a gain of 0.06 per cent, to close at 55,769.28 points. Similarly, the overall market capitalisation value gained N17 billion to close at N30.367 trillion.
Analysts at Vetiva Dealings and Brokerage said: “In the near term, we anticipate that investors will maintain a cautiously optimistic stance, building upon the strong start witnessed this week. However, it is likely that we will observe instances of profit-taking activity in the market because of the significant gains recorded during the first session of the week.”
Afrinvest said:“Investors sentiment, as measured by breadth weakened to 0.19x from 1.33x in the prior session as 30 stocks advanced, while 39 declined. In the next trading session, we expect further price depreciation in the absence of positive triggers.”
The market positive performance was driven by price depreciation in large and medium capitalised stocks which are; BUA Foods, Conoil, Geregu Power, MRS Oil Nigeria and Julius Berger.
However, market breadth was negative, as 30 stocks gained relative to 39 losers. McNichols, Veritas Kapital Assurance and Jaiz Bank recorded the highest price gain of 10 per cent each to close at 77 kobo, 22 kobo and N1.21 kobo. Conoil followed with a gain of 9.96 per cent to close at N57.95 and MRS Oil Nigeria up by 9.93 per cent to close at N44.85 kobo.
On the other hand, NASCON Allied Industries led the losers’ chart by 9.79 per cent to close at N15.20, per share. R&T Briscoe followed with a decline of 9.76 per cent to close at 37 kobo, while GlaxoSmithKline Consumer Nigeria lost 9.58 per cent to close at N7.55 kobo. Caverton Offshore Support Group declined 9.35 per cent to close at N1.26, while DEAP Capital Management & Trust shed 9.09 per cent to close at 20 kobo.
The total volume traded decreased by 38.65 per cent to 661.509 million units, valued at N18.998 billion, and exchanged in 10,024 deals. Transactions in the shares of Access Holdings topped the activity chart with 98.731 million shares valued at N1.195 billion.
United Bank for Africa (UBA) followed with 90.199 million shares worth N891.591 million, while Zenith Bank traded 44.535 million shares valued at N1, 263 billion.
Guaranty Trust Holding Company (GTCO) traded 39.6 million shares valued at N1.129 billion, while Sterling Bank transacted 34.181 million shares worth N69.126 million.
