Investors gain N1.24 trillion, position for 2023 earnings

THE Nigerian equities market reopened in an upbeat yesterday, as investors jostled for dividend- paying stocks to reposition for the 2023 earning season, causing market capitalisation to appreciate further by N1.24 trillion.

The all- share index ( ASI) gained by 2,272.79 points, representing a growth of 2.22 per cent to close at 104,674.67 points. Also, market capitalisation gained N1.244 trillion to close at N57.282 trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Dangote Cement, BUA Cement, Berger Paints, Oando and Nigerian Aviation Handling Company ( NAHCO).

On will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “Following the unimpressive numbers released so far in the consumer goods sector, we have seen a number of those counters close in the red and we expected similar bearish sentiment in that space tomorrow."

United Capital Plc said: "W e expect positive investors’ sentiments to dominate the local equities market as the fullyear earning season comes to full swing.

"This will es sentially be subject to the financial performance of firms last year . We strongly anticipate impressive outings among banks given the impact of the Foreign Exchange ( FX) revaluation gains and elevated interest rate environment in 2023.

"Thus, we expect an increased appetite among investors for corporates in the financial services sector, particularly the banks."

However, as measured by market breadth, market sentiment was negative, as 24 stocks gained relative to 38 losers. Oando recorded the highest price gain of 9.96 per cent to close at N13.80 kobo.

Dangote Cement followed with a gain of 9.93 per cent to close at N763 while Tripple Gee and company rose by 9.89 per cent to close at N3.11 kobo.