Equities Up By 0.44% Amid Positive Corporate Results

The Nigerian equities market rose by 0.44 per cent yesterday, reversing previous day’s loss as more positive corporate results released on the Nigerian Stock Exchange (NSE)

The All-Share – Index (ASI) gained 141.46 absolute points, representing a growth of 0.44 per cent to close at 32,545.06 points. Similarly, Market capitalisation rose by N51 billion to close at N11.881 trillion.

The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Total Nigeria, Nestle Nigeria, Nigerian Breweries, Unilever Nigeria and Dangote Cement.

Analysts at Afrinvest Limited said that “in line with our expectation, the market rebounded yesterday, we however maintain a bearish stance in the near term.”

Also analysts at APT Securities and Funds Limited noted that “so far, financial results for few entities have been released. We look forward to subsequent results and hope that the market will react positively to the results.

“Nonetheless, equities market keeps fluctuating between the northern and southern regions, this indicates possibilities for the index to close either ways week on week.”regions, this indicates possibilities for the index to close either ways week on week.”

Market breadth closed apiece with 19 gainers and 19 losers. Royal Exchange and Jaiz Bank recorded the highest price gain of 10 per cent, each to close at 22 kobo and 55 kobo, respectively, while Total Nigeria followed with a gain of 8.20 per cent, to close at N198, per share.

Diamond Bank appreciated by 7.19 per cent to close at N1.49, while Consolidated Hallmark Insurance went up by 7.14 per cent to close at 30 kobo per share.

On the other hand, AG Leventis Nigeria and Beta Glass led the losers’ chart by 10 per cent, each to close at 36 kobo and N62.10, respectively, Cutix followed with a decline 9.78 per cent to close at N2.03, per share.to close at N2.03, per share.