Nigerian equities began the week on a positive note yesterday, extending gains from the previous session following bargain hunting in Seplat Energy and 15 other stocks.
In summary, the All-Share Index (ASI) increased by 104.82 absolute points, or 0.20 per cent, to close at 52,319.94 points. Similarly, the total market capitalisation value increased by ₦56 billion to ₦28.214 trillion.
Price increases in large and medium-cap stocks such as Seplat Energy, Flour Mills of Nigeria, Fidson Healthcare, Guaranty Trust Holding Company (GTCO), Wema Bank, and United Capital drove the market’s positive performance.
This week, United Capital Plc predicted more bargain hunting as investors anticipate the first half (H1) of the 2022 earnings season, cherry-picking stocks with the potential for strong earnings performance as well as an interim dividend payment.
“However, we note that a strong hike in Monetary Policy Rate (MPR) at this week’s MPC meeting could spell bad news for the equities market”, they said.
READ ALSO: Nigeria’s Stock Market Improves By ₦346bn
Market sentiment was negative, as measured by market breadth, with 16 stocks gaining versus 22 losers. Seplat Energy had the highest price gain of 10%, closing at ₦1,430.50 per share. Cornerstone Insurance gained 8.77% to close at 62 kobo per share, while R.T. Briscoe Nigeria gained 8.11% to close at 40 kobo per share.
Wema Bank gained 6.95 per cent to ₦4.00 per share, while Fidson Healthcare gained 5.21 per cent to ₦9.90 per share.
Computer Warehouse Group (CWG), on the other hand, led the losers’ chart by 10%, closing at 81 kobo per share. Academy Press fell 9.50 per cent to close at ₦2.00 per share, while Honeywell Flour Mills fell 9.09 per cent to close at ₦2.50 per share.
Nigerian Aviation Handling Company (NAHCO) fell 8.81 per cent to N6.00, while Regency Alliance Insurance fell 7.41 per cent to ₦25 per share.
Meanwhile, the total volume of trades decreased by 38.83 per cent to 116.281 million units worth ₦3.465 billion and exchanged in 4,525 transactions.
With 12.926 million shares valued at ₦96.877 million, transactions in United Bank for Africa (UBA) shares topped the activity chart. Zenith Bank was second, with 10.676 million shares worth ₦235.677 million, and FBN Holdings (FBNH) was third, with 8.156 million shares worth ₦88.721 million.
GTCO traded ₦5.894 million shares worth ₦125.386 million, while Access Holdings traded ₦6.713 million shares worth ₦62.723 million.