Equities market appreciates by N318bn on demand for Nigerian Breweries, 41 others 

Opening the trading week, Nigerian equities on Tuesday closed positive as the overall capitalization gained N318 billion on investors demand for Nigerian Breweries, and 41 others.

The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 505.80 points or 0.49 per cent to close at 104,739.61 points. Also, market capitalisation rose by N318 billion to close at N65.817 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Nigerian Breweries, UACN, United Capital, Guaranty Trust Holding Company (GTCO) and Zenith Bank.

As measured by market breadth, market sentiment was positive, as 41 stocks gained relative to 20 losers. International Breweries emerged the highest price gainer of 10 per cent to close at N6.05, per share. Nigerian Breweries followed with a gain of 9.94 per cent to close at N39.80, while The Initiates Plc (TIP) advanced by 9.89 per cent to close at N5.00, per share.

Japaul Gold & Ventures rose by 9.79 per cent to close at N2.13, while Cornerstone Insurance appreciated by 9.65 per cent to close at N2.84, per share,

On the other side, International Energy Insurance led others on the losers’ chart with 9.46 per cent to close at N1.34, per share. Secure Electronic Technology followed with a decline of 8.93 per cent to close at 51 kobo, while University Press shed 8.82 per cent to close at N3.10, per share.

FTN Cocoa processors lost 7.41 per cent to close at N1.75, while Wapic Insurance depreciated by 5.50 per cent to close at N2.06, per share.

The total volume traded decreased by 6.11 per cent to 353.284 million units, valued at N7.195 billion, and exchanged in 13,734 deals. Transactions in the shares of Access Holdings led the activity with 38.615 million shares worth N875.167 million. Fidelity Bank followed with account of 34.589 million shares valued at N651.852 million, while Chams Holding Company traded 29.698 million shares valued at N63.571 million.

Universal Insurance traded 27.799 million shares worth N14.095 million, while Zenith Bank traded 23.734 million shares worth N1.073 billion.

Looking forward, analysts at United Capital Plc said “the equities market might remain dovish due to elevated interest rate environment in the fixed-income market, we still expect bearish sentiments to linger in the background.

“Generally, investors await 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.”