When almost all of the blue-chip businesses fell yesterday, profit-taking by investors on the Nigerian Exchange Limited (NGX) reduced market capitalization by N14 billion ahead of Easter. The all-share index (ASI), which closed at 52,994.13 points, down by 24.84 points, or 0.05%, Entrepreneurng report.
As a result, investors lost N14 billion in value, bringing the market cap down to N28.869 trillion. Losses in medium and large capitalized stocks, including Dangote Sugar Refinery, Eterna, Guaranty Trust Holding Company (GTCO), Lafarge Africa, and University Press, had an impact on the downturn.
We continue to have a bullish prognosis for the equity market in Q2, 2023, according to analysts at United Capital Plc. On the one hand, we project a low yield environment in the fixed-income market, supported by excess maturities (N2 trillion) anticipated in Q2 2022.
“On the other hand, we anticipate that solid corporate performance, outstanding dividend yield (especially given that the season for dividend payments has already begun), and better economic growth expectations will support investors’ risk-on mentality. We advise cherry-picking stocks with strong fundamentals and dividend yield for equity-vested fund managers.”
“It was another bearish week, with red closures all throughout the week,” said Vetiva Dealings and Brokerage. Next week’s trading sessions are also anticipated to be mixed.”
Nine additional stocks made up the gainers chart, while 18 stocks declined, resulting in a negative market breadth. The biggest price increase was 5.26% for AIICO Insurance, which closed at 60 kobo. Academy Press came next, rising 4.65% to close at N1.35 kobo. To close at 24 kobo, Chams was up 4.35 percent.
Although Champion Breweries increased by 2% to close at N5.10 kobo, United Bank for Africa (UBA) increased by 2.4% to close at N8.55 kobo. The price of United Capital grew by 1.3% to N11.70 kobo at the close.To close at N11.10 kobo, FBN Holdings received 91 percent of the vote. Oando gained 71% in value to close at N5.65 kobo. Nigerian Aviation Handling Company also gained 51 per cent to close at N9.80 kobo.
University Press, on the other hand, finished at N1.80 kobo and led the losers’ chart by 10%. Wapic Insurance closed at 40 kobo after losing 6.98% of its value, while Eterna lost 5.98% and closed at N5.50 kobo.
Regency Alliance Insurance lost 3.33 percent to settle at 29 kobo, while FTN Cocoa Processors fell 3.57 percent to close at 27 kobo. Cutix decreased 3.04% to close at N2.23 kobo. Royal Exchange lost 2.94 percent of its value to end the day at 66 kobo. Additionally losing 2.86 percent, Dangote Sugar Refinery closed at N17.
Although there were 3,651 transactions, the whole volume traded grew by 35.28 percent to 266.953 million units, worth N1.929 billion. Transnational Corporation (Transcorp) share transactions, totaling 147.152 million shares valued at N205.686 million, topped the list of activities.
In conclusion, United Bank for Africa (UBA) traded 18.019 million shares valued at N152.385 million, followed by Zenith Bank with 19.107 million shares worth N487.11 million. AXA Mansard Insurance traded 7.354 million shares for N16.265 million, while Access Holdings traded 12.117 million shares worth N108.866 million.
Source: The GuardianÂ
