The improved corporate performance yesterday lifted market capitalisation by N339 billion as investors continue to reposition for dividend-paying stocks ahead of the 2023 half-year earning season.
At the close of transactions yesterday, the all-share index (ASI) gained by 618.68 points, representing a growth of 0.93 per cent to close at 67,378.88 points. Accordingly, market capitalisation rose by N339 billion to close at N36.877 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Dangote Sugar Refinery, NASCON Allied Industries, Transcorp Hotels, Nigerian Aviation Handling Company (NAHCO) and Guaranty Trust Holding Company (GTCO).
Reacting to market performance, analysts at Afrinvest said that they expect a positive performance on the local bourse as investors hunt for bargains amid improved sentiment.
Futureview said: “We expect the bullish sentiment to continue in the upcoming session as the market continues to look profitable to domestic investors even with some negative catalysts.
As measured by market breadth, market sentiment was positive as 34 stocks gained relative to 23 losers. Dangote Sugar Refinery, NASCON Allied Industries, NAHCO and United Capital recorded the highest price gain of 10 per cent each to close at N57.20, N51.7, N23.65 and N16.59 respectively.
Transnational Corporations (Transcorp) followed with a gain of 9.98 per cent to close at N6.61 kobo, while CWG rose by 9.96 per cent to close at N7.62 kobo.
Jaiz Bank added 9.87 per cent to close at N1.67 kobo. United Bank for Africa appreciated by 9.78 kobo to close at N15.15 kobo.
Accesscorp lost 9.77 per cent to close at N16.85 kobo. Oando also added 9.73 per cent to close at N10.15 kobo.
On the other hand, Courteville Business Solutions led the losers’ chart by 10 per cent, to close at 54 kobo. Associated Bus Company followed with a decline of 9.80 per cent to close at 92 kobo, while Tantalizers declined by 9.30 per cent to close at 39 kobo.
Learn Africa depreciated by 8.51 per cent to close at N3.01 and Omatek Ventures, Regency Alliance Insurance and Royal Exchange declined by 8.33 per cent each to close at 44 kobo, 33 kobo and 55 kobo respectively.
Omatek shed 8.33 per cent to close at 44 kobo. Regency Alliance Insurance shed 8.33 kobo to close at 33 kobo. Royal Exchange insurance depreciated by 8.38 per cent to close at 55 kobo.
Cutix dropped 8.24 kobo to close at N2.35 kobo. NPF Microfinance Bank declined by 8.08 per cent to close at N1.82 kobo.
The total volume of trade declined by 11.8 per cent to 569.63 million units, valued at N8.7 billion, and exchanged in 8,404 deals. Transactions in the shares of Oando topped the activity chart with 143.445 million shares valued at N1.395 billion.
Access Holdings followed with 63.557 million shares worth N1.071 billion, while Fidelity Bank traded 39.553 million shares valued at N313.782 million.
