Analysts Remain Bullish as Market Extends Gains
Goddy Egene and Eromosele Abiodun Financial analysts at Afrinvest (West Africa) Limited yesterday expressed confidence that the positive sentiments the stock market has witnessed in recent weeks would be sustained in the days ahead. The stock market appreciated by 0.47 per cent to extend the gains of last week into the new week. Specifically, the Nigerian Stock Exchange (NSE) All-Share Index grew by 047 per cent to close at 31,195.93, reducing the year-to-date loss to 10 per cent. The market capitalisation added N49.9 billion to close at N10.4 trillion.
The Afrinvest analysts are bullish on the market, saying the 2104 full year earnings being expected would help to sustain the positive trend.
“We expect the sentiment in the market to stay positive as investors continue to position ahead of full year earnings broadcast for quoted companies. Overall market performance this week will be geared by the corporate scorecards,” they said.
Zenith Bank Plc and Guaranty Trust Bank Plc last week reported improved profits for 2014 and declared dividends as well. The two stocks appreciated in prices yesterday as investors continued to react positively to the results. Zenith Bank rose by 2.2 per cent to close at N21.40, while GTBank went up by 0.95 per cent to close at N24.51.
In all, 28 stocks appreciated in price, compared with18 stocks led by Cadbury Nigeria Plc with 8.9 per cent followed by African Prudential Registrars Plc with 7.1 per cent. Other top price gainers included Continental Reinsurance Plc (4.88 per cent), Skye Bank Plc(4.85 per cent), AIICO Insurance Plc (4.7 per cent), May & Baker Nigeria Plc (4.6 per cent) and NPF Microfinance Bank Plc (4.4 per cent).
Conversely, Ikeja Hotel Plc led
THE NIGERIAN STOCK EXCHANGE
the price losers with 8.05 per cent, trailed by Livestock Feeds Plc with 5.0 per cent. Mobil Oil Nigeria Plc and Presco Plc shed 4.9 per cent apiece.
Investors traded 466.163 million shares worth N5.044 billion in 5,601 deals. The financial services sector dominated, accounting for 426.274 million shares valued at N3.711 billion in 3,919 deals.