Journalism in the service of society

Equities regain vigour as Presco, 29 stocks lift indices by N71 billion

THE Nigerian Exchange Limited (NGX) rallied after five days of adverse trend yesterday, as market capitalisation grew by N71 billion, thanks to gains by Presco Plc and 29 others.

In summary, the All-Share Index (ASI) increased by 132.74 points, or 0.28 percent, to close at 47,287.09 points, while the whole market capitalization value increased by N71 billion to N25.485 trillion.

Nestle Nigeria, Presco, Okomu Oil, Nigerian Breweries, and Flour Mills of Nigeria were among the major and medium capitalised stocks that contributed to the market increase.

GTI Securities Limited said: “The Nigerian domestic market rallied after a five-day bearish sentiment, as the risk of the Russian-Ukrainian war still weighs on investors. However, we expect bulls to trade-off on the market given the spate of corporate actions.”

Vetiva Dealings and Brokerage said: “It was a positive day in the equity market today, especially in the consumer goods sector as investors reacted positively to market information, whilst block transactions elevated activity level. We expect to see the market maintain the positive close, as today’s sentiments filter into tomorrow’s session.”

The market breadth was strong, with 30 equities rising against 12 falling. Presco saw the biggest price increase of 10 percent, closing at N114.95 per share. Pharma Deko gained 9.89 percent to close at N2.00, while Linkage Assurance gained 9.80 percent to close at 56 kobo.

Royal Exchange and R.T. Briscoe Nigeria both gained 9.63 percent to close at N1.48, while R.T. Briscoe Nigeria gained 8.93 percent to close at 61 kobo.

TransNational Corporation of Nigeria increased by 8.49 percent to N1.1 kobo, while Mutual Benefits Assurance increased by 8.00 percent to 27 kobo. Lasaco Assurance rose 7.84 percent to N1.10 kobo at the close. NEM closed at N3.82 per share, up 7.30 percent. Wapic Insurance increased by 6.38 percent to 50 kobo.

Ellah Lakes Plc, on the other hand, led the losers’ list by 9.92 percent, closing at $3.45 per share. May & Baker Nigeria down 9.91 percent to N4.91, while Neimeth International Pharmaceuticals fell 9.34 percent to N1.65 kobo. Cutix Plc depreciated by 7.26 percent to close at N2.30 kobo, while Niger Insurance fell 8.70 percent to 21 kobo.

Caverton closed at N1.30 kobo, down 7.14 percent. UPL lost 4.96 percent of its value, closing at N2.49 kobo. Jaiz Bank dropped 2.78 percent to 70 kobo. CHI fell 1.56 percent to 63 kobo at the close. Zenith Bank likewise lost 1.12 percent of its value, closing at N26.50 kobo.

The entire amount of trades, however, decreased by 55.45 percent to 336.305 million units, priced at N5.860 billion, and exchanged in 5,248 transactions. FBN Holdings (FBNH) led the activity chart, with 108.615 million shares worth N1.249 billion changing hands.

With 54.134 million shares worth N1.428 billion, Guaranty Trust Holding Company (GTCO) came in second, followed by United Capital with 25.292 million shares worth N308.508 million.

Zenith Bank changed hands for 22.292 million shares worth N595.015 million, while Caverton Offshore Support Group changed hands for 14.946 million shares worth N19.043 million.

Comments are closed.

Naija Times