Equities market commences March positive, adds N48bn

The equities market of the Nigerian Exchange Limited (NGX) on Tuesday closed higher for the first time trading in March 2022 as investors’ interest in Seplat Energy and 14 others added N48 billion to the overall market capitalisation.

The NGX All-Share Index (ASI) grew by 88.20 basis points or 0.19 per cent to close at 47,482.73 basis points, while the overall market capitalisation value gained N48 billion to close at N25.591 trillion.

On market performance, GTI Securities Limited said “The stock market extends positive sentiments, fuelled by the surging oil prices, boosting the country’s attractiveness to investments. We expect this trend to be maintained all through the week.”

According to analysts at InvestmentOne, “The equities market closed in the green territory today due to the gains recorded in the Oil and Gas sector and MTNN. 

“Going forward, we expect investors’ sentiments to be swayed by the search for real positive returns and developments in the interest rate space.

“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”

However, market sentiment, as measured by market breadth, was negative as 34 stocks declined, relative to 15 gainers. Seplat Energy recorded the highest price gain of 9.99 per cent to close at N945.90, per share.

Royal Exchange followed with a gain 9.49 per cent to close at N1.50, while Courteville Business Solutions up by 9.09 per cent to close at 60 kobo, per share.

Veritas Kapital Assurance rose by 4.55 per cent to close at 23 kobo, while FCMB Groups appreciated by 3.23 per cent to close at N3.20, per share. On the other hand, Cutix led the losers’ chart by 10 per cent, to close at N2.43, per share. Learn Africa followed with a decline of 9.96 per cent to close at N2.35, while Global Spectrum Energy Services declined by 9.79 per cent to close at N3.78, per share.

Caverton Offshore Support Group shed 9.68 per cent to close at N1.40, while R.T. Briscoe Nigeria depreciated by 9.41 per cent to close at 77 kobo, per share.

The total volume traded increased by 23.2 per cent to 370.543 million units, valued at N7.853 billion, and exchanged in 6,045 deals. Transactions in the shares of FCMB Group topped the activity chart with 57.582 million shares valued at N183.865 million. Transnational Corporation of Nigeria (Transcorp) followed with 45.181 million shares worth N52.240 million, while Zenith Bank traded 23.085 million shares valued at N624.750 million.

MTNN traded 22.250 million shares valued at N4.557 billion, while Niger Insurance transacted 19.687 million shares worth N6.105 million.