Equities open with N257b amid bargain-hunting

• Published date: 10 January 2023
• Publication title: Nigeria - The Nation

Nigerian equities reopened yesterday with a strong bullish sentiment as investors jostled to take positions in value stocks.

Benchmark indices at the Nigerian Exchange (NGX) indicated average gain of 0.92 per cent, equivalent to net capital gain of N257 billion. The rally nudged the average year-to-date return to 0.9 per cent.

The All Share Index (ASI)-the value-based common index that tracks all share prices at the Exchange, rose by 470.74 points or 0.92 per cent to close at 51,693.08 points as against its opening index of 51,222.34 points.

Aggregate market value of all quoted companies at the NGX rose from its opening value of N27.899 trillion to close at N28.156 trillion.

The positive market position was driven largely by gains recorded by mid and large-cap stocks such as Airtel Africa, Nigerian Breweries, FBN Holdings and Vitafoam Nigeria.

There were 18 gainers to 16 losers. Thomas Wyatt Nigeria recorded the highest gain of 9.28 per cent to close at N1.06 per share. Associated Bus Company followed with a gain 8.0 per cent to close at 27 kobo. Royal Exchange rose by 5.88 per cent to close at N1.08. Airtel Africa rallied by 5.16 per cent to close at N1,630 while consolidated Hallmark Insurance rose by 5.0 per cent to close at 63 kobo per share.

On the negative side, Union Bank of Nigeria (UBN) led the losers with a drop of 8.63 per cent to close at N6.35 per share. Wema Bank followed with a loss of 8.21 per cent to close at N3.58. AIICO Insurance declined by 6.25 per cent to close at 60 kobo per share. Caverton Offshore Support Group dropped by 4.95 per cent to close at 96 kobo while Stanbic IBTC Holdings dipped by 4.33 per cent to close at N32 per share.

The momentum of activities...