Positive investors’ sentiments lift NSE’S indices by N105b

INVESTORS’ positive sentiments on high capitalised stocks buoyed transactions in the equity sector of the Nigerian Stock Exchange (NSE) yesterday, as market capitalisation increased by N105 billion.

Specifically, at the close of transactions yesterday, the All-share Index (ASI) gained 289.00 absolute points, representing a growth of 0.88 per cent to close at 33,196.07 points. Similarly, market capitalisation rose by N105 billion to close at N12.119 trillion. The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Stanbic IBTC Groups, Guaranty Trust Bank, Dangote Cement, Forte Oil and Zenith Bank.

Analysts at United Capital said: “We expect investors to continue crunching numbers from the nine months, 2018 earnings publications to make decisions in the week ahead even as events in the broader economy and political space unfolds.”

The Chief Research Officer of Investdata Consulting, Ambrose Omodion said: “We expect mixed performance with short-term profit taking underway as more companies present their numbers, at a time several of the results have showcased mixed performance. Volatility could however continue, if the numbers beat market and analysts forecast.

“The ongoing Q3 earnings reports would assist investors and fund managers rebalance their portfolios, while watching the political space and analyzing the actual numbers that will give insights into expectations for Q3 GDP and full year company earnings power.

“These are likely to drive prices north, or south, while determining market direction before or after Presidential Election. Investors should review their positions in line with investment goals, strength of the company numbers and act as events unfold in the global and domestic environment.”

Market breadth closed the same, with 17 gainers and losers. Consolidated Hallmark Insurance recorded the highest price gain of 10 per cent, to close at 33 kobo per share. Lasaco Assurance followed with a gain of 6.67 per cent to close at 32 kobo, while Stanbic IBTC Holdings gained by 6.52 per cent to close at N49 per share.

Wapic Insurance went up by 4.76 per cent to close at 44 kobo, while Guaranty Trust Bank appreciated by 4.05 per cent to close at N38.50 per share.