The domestic equities market, yesterday opened the week positive as the benchmark index rose by 0.38 per cent due to buying interest in BUA Foods Plc and 25 others.
The All Share Index (ASI) rose by 170.23 absolute points, representing a gain of 0.38 per cent to close at 44,662.96 points. Accordingly, investors gained N93 billion in value as market capitalisation went up to N24.327 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nigeria Breweries, BUA Foods, Cadbury Nigeria, PZ Cussons Nigeria and Stanbic IBTC Holdings.
This week, analysts at United Capital Plc maintained its pessimistic outlook for the equities market as the market remains unattractive to investors amid the prevailing rising yield environment, saying “we posit that the Monetary Policy Committee’s decision in its November, 2022 meeting is a crucial factor that will determine the direction and tone of the local bourse going forward.”
The market breadth closed positive, with 26 gainers versus six losers. Nigeria Breweries recorded the highest price gain of 9.94 per cent to close at N45.35, per share. NEM Insurance followed with a gain 9.87 per cent to close at N4.12, while PZ Cussons Nigeria rose 8.72 per cent to close at N9.35, per share.
Cadbury Nigeria went up by 7.32 per cent to close at N11.00, while Chams appreciated by 4.35 per cent to close at 24 kobo, per share. On the other hand, Japaul Gold & Ventures led the losers’ chart by 7.14 per cent to close at 26 kobo, per share, per share.
AIICO Insurance followed with a decline of 5.36 per cent each to close at 53 kobo, while AXA Mansard Insurance lost 5.08 per cent to close at N1.68, per share. Sterling Bank lost 1.41 per cent to close at N1.40, while Jaiz Bank shed 1.11 per cent to close at 89 kobo, per share.
The total volume traded rose by 8.8 per cent to 159.562 million units, valued at N1.950 billion, and exchanged in 3,607 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 35.240 million shares valued at N39.399 million. AIICO Insurance followed with 29.923 million shares worth N16.012 billion, while Zenith Bank traded 11.479 million shares valued at N247.697 million.
FBN Holdings (FBNH) traded 9.467 million shares valued at N104.411 million, while Union Bank of Nigeria transacted 9.324 million shares worth N61.055 million.