The stock market of the Nigerian Exchange Limited (NGX) yesterday gained N77billion to close positive and sustained a five-day bullish trend amidst easter celebration.
Yesterday was the last trading day of the week as the federal government declared Friday, (Good Friday) April 15th, and Monday, (Easter Monday) April 18th, 2022 as public holidays to mark the Easter celebrations.
The NGX All Share Index (ASI) rose by 143.07 points or 0.30 per cent to close at 47,510.38 basis points, while the overall market capitalisation value gained N77 billion to close at N25.613 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; SFS Real Estate Investment Trust (SFSReit), Dangote Cement, Nigerian Breweries, Julius Berger and Berger Paints Nigeria.
Market sentiment, as measured by market breadth, was positive as 21 stocks gained, relative to 16 decliners. SFSReit recorded the highest price gain of 10 per cent to close at N77.00, per share. MEYER Plc followed with a gain 7.38 per cent to close at N1.60, while UPDC Real Estate Investment Trust up by 7.32 per cent to close at 88 kobo, per share.
Chams rose by five per cent to close at 21 kobo, while Linkage Assurance appreciated by 4.08 per cent to close at 51 kobo, per share. On the other hand, Dangote Sugar Refinery led the losers’ chart by 5.09 per cent to close at N15.85, per share. R.T. Briscoe Nigeria followed with a decline of five per cent to close at 57 kobo, while Africa Prudential depreciated by 4.76 per cent to close at N6.00, per share.
Union Bank of Nigeria (UBN) declined by 4.62 per cent to close at N6.20, while Cutix and Red Star Express depreciated by 1.64 per cent each to close at N2.40 and N3.00 respectively, per share.
Meanwhile, the total volume of trades fell by 1.7 per cent to 385.182 million units, valued at N4.022 billion, and exchanged in 6,212 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 74.814 million shares valued at N282.518 million. Sterling Bank followed with 45.533 million shares worth N64.895 million, while Access Holdings traded 33.866 million shares valued at N347.251 million.
Zenith Bank traded 31.090 million shares valued at N777.994 million, while African Alliance Insurance transacted 26.656 million shares worth N5.331 million.
According to analysts at InvestmentOne Research, “The stock market closed northwards today due to the gain recorded in the Industrial sector.
“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.
“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”