Bargain hunting in Tier-1 stocks boosts market cap by N15 billion

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 0.09 per cent.

News Agency of Nigeria • May 9, 2023

Trading floor

The equities market recorded a bullish trend for the fourth consecutive session as investors continued on bargain-hunting activities.

Specifically, the market capitalisation increased by 15 billion or 0.05 per cent to close at N28.644 trillion when compared with N28.629 recorded on Monday.

Gains in Tier-1 banking stocks such as Zenith Bank, Guaranty Trust Holding Company (GTCO,) Access Holdings, Conoil, Dangote Sugar and Union Bank were the main drivers of the market’s overall performance.

Also, the All-Share Index (ASI) rose by 26.26 points 0.05 per cent to settle at 52,605.78 as against 52,579.52 recorded at the last session.

Consequently, the year-to-date (YTD) return rose to 2.64 per cent.

Experts at Vetiva Securities Ltd., said, “Sectors traded mixed today, as profit taking was seen mostly in the consumer goods space, while Tier-I banks dominate activity.

“We expect the latter to persist tomorrow.”

Meanwhile, market breadth, which is measured by market sentiment, was positive, as 19 stocks gained relative to 14 losers.

Conoil recorded the highest price gain of 10 per cent to close at N48.40, per share.

Multiverse Mining and Exploration followed with a gain of 9.97 per cent to close at N3.75, while John Holt appreciated by 9.77 per cent to close at N1.91, per share.

Computer Warehouse Group went up by 9.66 per cent to close at N1.59, while Transcorp appreciated by 9.5 per cent to close at N1.96, per share.

Conversely, Unity Bank led the losers’ chart by 9.26 per cent to close at 49k, per share.

Japaul Gold and Ventures followed with a decline of 8.82 per cent to close at 31k, while cutix went down by 8.8 to close at N2.28, per share.

Nigerian Breweries lost 5.88 per cent to close at N32.10, while NPFMicrofince Bank shed 5.71 per cent to close at N1.60, per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 0.09 per cent.

Also, 640.97 million shares valued at N7.13 billion were exchanged in 5,684 deals.

Accesscorp led volume and value charts with 129.73 million units traded in deals worth N1.48 billion.

(NAN)

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