Stock Market opens on a Good Note as Capitalisation Hits N28tr


On the first trading day in the year 2023, the Nigerian equities market reopened on a brighter note as repositioning for the 2022 full-year earnings and dividend declaration continued. The bullish mood pushed market capitalisation to N28 trillion. The all-share index (ASI) of the Nigerian Exchange Limited (NGX) rose by 344.6 absolute points, depicting a gain of 0.67% to close at 51,595.66 points.

Accordingly, investors made a profit of N188 billion in value as market capitalisation went up to N28.103 trillion. The increase was impacted by gains recorded in medium and large capitalised stocks, amongst which are BUA Foods, Fidson Healthcare, PZ Cussons Nigeria, United Bank for Africa (UBA) and Nigerian Aviation Handling Company (NAHCO).

Analysts at United Capital anticipated the market upturn activity and bullish sentiments to continue. “The usual January momentum is likely to dominate particularly as the yield environment appears to be shifting downwards,” it said.

Vetiva Dealings and Brokerage said: “Most of the Tier-I banks (UBA, ACCESSCORP, FBNH, and GTCO) closed in the green today, as these counters recovered given the profit taking seen on Friday. While we still expect mixed trading in the market, we anticipate investors to start snapping up names in anticipation of the full-year results.”

Market sentiment turned out positive as 22 stocks gained relative to 11 losers. BUA Foods recorded the highest price gain of 10% to close at N71.50 kobo. John Holt followed with a gain of 9.59% to close at 80 kobo while Prestige Assurance gained 9.52% to close at 46 kobo. NAHCO gained 9.38% to close at N7 while UBA appreciated by 9.21 per cent to close at N8.30 kobo.

On the side of the losers, Chellarams topped the chart with 9.82% to close at N2.02 kobo. Computer Warehouse Group (CWG) followed with a decline of 8.91% to close at 92 kobo, while FCMB Group went down by 8.83% to close at N3.51kobo. Honeywell Flour Mills lost 5.98% to close at N2.2, while Japaul Gold & Ventures lost 3.57% to close at 27 kobo.

The total volume traded declined by 63.9% to 321.675 million units, valued at N4.350 billion, and exchanged in 4,122 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 207.616 million shares valued at N2.474 billion.

Guaranty Trust Holding Company (GTCO) followed with 13.756 million shares worth N318.207 million. AIICO Insurance traded 12.241 million shares valued at N7.676 million. UBA traded 8.15 million shares valued at N64.588 million, while Access Holdings traded 6.747 million shares worth N58.912 million.

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