Home Business Anticipated higher earnings lift investors’ wealth by N236 billion | The Guardian Nigeria News

Anticipated higher earnings lift investors’ wealth by N236 billion | The Guardian Nigeria News

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Anticipated higher earnings lift investors’ wealth by N236 billion | The Guardian Nigeria News

Anticipation of improved corporate earnings lifted transactions on the equity sector of the Nigerian Stock Exchange (NSE), yesterday, as investors’ wealth soared by N239 billion.

The All Share Index (ASI) increased by 457.31 absolute points or 1.58 per cent to close at 29,437.60 points. Similarly, the market capitalisation rose by N239 billion to close at N15.387 trillion.

The uptrend was impacted by gains recorded in large and medium value stocks, including Nestle Nigeria, Total Nigeria, Dangote Cement, Conoil, and Flour Mills of Nigeria.

Analysts at Afrinvest Limited said: “We maintain our position that the performance of the domestic equities market would be dictated by the earnings result.”

Analysts at Vetiva Dealing and Brokerage firm said: “With a better-than-expected results being posted by bellwether stocks, and more of such expected in the next few sessions, we anticipate an extended bullish performance on Friday, upon resumption from the Eid-el-Maulud break.”

“However, with five consecutive sessions of capital appreciation already, the possibility of profit-taking on recent gains cannot be overruled.”

Market sentiment, as measured by the market breadth was positive, as 41 stocks gained, relative to five losers.

Custodian Investment, and Nestle Nigeria recorded the highest price gain of 10 per cent each, to close at N6.05, and N1, 292.50, respectively, while NEM Insurance followed with a 9.85 per cent gain to close at N2.23, per share.

International Breweries rose 9.84 per cent to close at N6.70, and FCMB Groups appreciated by 9.81 per cent to close at N2.91, per share.

On the other hand, Royal Exchange led the losers’ chart by eight per cent to close at 23 kobo per share. Cutix followed with 6.84 per cent to close at N1.77, while Honeywell Flour Mill shed 1.03 per cent to close at 96 kobo, per share.

Africa Prudential lost 0.85 per cent to close at N5.85, while May and Baker Nigeria shed 0.33 per cent to close at N3.05, per share.

However, the total volume of trade fell by 2.68 per cent to 375.25 million units valued at N4.634 billion, exchanged in 5,947 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 46.663 million shares valued at N1.004 billion. Fidelity Bank followed with 33.465 million shares worth N76.050 million.

Ecobank Transnational Incorporated (ETI) traded 27.534 million shares at N157.018 million.

Access Bank traded 26.519 million shares valued at N205.987 million, and BUA Cement transacted 25.017 million shares worth N1.036 billion.



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