Gains in Seplat, 16 stocks lift capitalisation by N1.6 trillion
THE Nigerian equities market sustained rising profile at the close of transactions yesterday as price appreciation in Seplat Energy Plc and 16 others lifted the overall market capitalisation up by N1.559 trillion.
Yesterday, the All- Share Index rose by 2,848.85 per cent, representing a gain of 2.97 per cent, to close at 98,616.97 points. Similarly, the overall market capitalisation value gained N1.559 trillion to close at N53.967 trillion.
The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Seplat Energy, Dangote Cement, BUA Foods, BUA Cement and MTN Nigeria Communications ( MTNN).
On market performance, Coronation Asset Management said: "We maintain that positive sentiment can be linked to the traditional January surge as well as investors positioning themselves ahead of results and dividends for 2023."
Afrinvest Limited said: "Tomorrow, we expect the market to sustain gains in the absence of negative shocks."
Vetiva Dealings and Brokerage said: "We expect the sell- offs to moderate tomorrow, as some investor begin to take position at these lower level. However, in the absence of price appreciations in the large- cap counters, we expect the market to close in the red."
Investor sentiment, as measured by market breadth closed negative as 17 stocks advanced while 58 declined.
Seplat Energy and BUA Cement recorded the highest price gain of 10 per cent each to close at N2,795.10 and N163.35 kobo respectively, while Dangote Cement followed with a gain of 9.99 per cent to close at N651.80 kobo.
Eterna appreciated by 9.92 per cent to close at N27.70 kobo while Meyer rose by 9.88 per cent to close at N3.56 kobo.
On the other hand, DEAP
Capital Management & Trust, Hohn Holt, May & Baker, Mutual Benefits Assurance, PZ Cussons Nigeria, Veritas Kapital Assurance and The Initiates Plc ( TIP) led the losers' chart by 10 per cent each to close at 81 kobo, N2.70, N7.38, 72 kobo, N31.50, 63 kobo and N2.52 kobo respectively.
Transnational Corporations ( Transcorp) followed with a decline of 9.99 per cent to close at N16.39, while Jaiz Bank shed 9.97 per cent to close at N2.80 kobo.
Also, the total volume of trade increased by 3.56 per cent to 747.515 million units, valued at N16.276 billion, and exchanged in 16,589 deals. Transactions in the shares of Transcorp topped the activity chart with 77.711 million shares valued at N1.292 billion.