Market News

Bargain hunting persists as investors gain N304 billion in three days - THE GUARDIAN

MAY 25, 2023

Lekki Deep Seaport, a multi-purpose Nigeria’s deepest seaport in the Lagos Free Zone (LFZ), has the capacity to host 70 per cent of cargo coming…

By Helen Oji

•Exchange restates commitment to sustainable financing
The Nigerian Exchange Limited sustained rising profile yesterday, as bargain hunting in many bluechip stocks lifted investors’ wealth by N304 billion in three trading day.

Specifically, the market capitalisation of listed equities, which reopened the week 28, 515 trillion rose by N304 billion or 1.1 per cent to N28, 819 trillion yesterday. Accordingly, the All Share Index (ASI) gained 558.47 points, to close at 52,927.60 from 52, 369.13 achieved on Monday.

Yesterday’s upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Seplat Nigeria, TotalEnergies Marketing Nigeria, Geregu Power and Lafarge Africa.

Vetiva Dealings and Brokerage, said: “Market remained bullish for the fourth consecutive session. With some of the counters hitting new year-highs, we expect mixed sectoral performance tomorrow. Also, the MPR was hiked by 0.50 per cent to 18.50 per cent at the MPC meeting today. However, we noticed that following the rate hikes in the last two MPC meetings, the market did not react and we might see the same pattern tomorrow as well.”

As measured by market breadth, sentiment was positive, as 36 stocks gained relative to 17 losers. Nestle Nigeria recorded the highest price gain of 9.98 per cent to close at N1, 148k. Tripple Gee & Company followed with a gain of 9. 88 per cent to close at N3.56, while UAC of Nigeria rose by 9.76 per cent to close at N9.

University Press went up by 9.76 per cent to close at N2.25 kobo, while R.T. Briscoe Nigeria appreciated by 9.68 per cent to close at 34 kobo.

On the other hand, Chellaram Plc led the losers’ chart by 9.82 per cent, to close at N1.47 kobo. McNichols.

It was followed with a decline of 9.59 per cent to close at 66 kobo, while Wapic Insurance declined by 8.70 per cent to close at 42 kobo. Academy Press depreciated by 7.14 per cent to close at N1.56, while Cutix AIICO declined by 3.23 per cent to close at N2.40 kobo.

The total volume traded increased by 29.7 per cent to 455.18 million units, valued at N7.83 billion, and exchanged in 6,635 deals. Transactions in the shares of Access Holdings topped the activity chart with 69.188 million shares valued at N755.725 million. United Bank for Africa (UBA) followed with 66.493 million shares worth N577.777 million, while Zenith Bank traded 37.548 million shares valued at N1.005 billion.

Fidelity Bank traded 32.501 million shares valued at N182.770 million, while Guaranty Trust Holding Company (GTCO) sold 31.029 million shares worth N848.307 million.

Meanwhile, the Divisional Head, Capital Markets, Nigerian Exchange Limited (NGX), Jude Chiemeka, has stated that sustainable finance can be a transformative tool in shaping the Nigerian economic landscape.

He made this known while delivering his remarks at the Investor Engagement session organised by NGX and the Global Reporting Initiative (GRI) themed “Empowering Responsible Investing – ESG Disclosure” in Lagos, yesterday.

GRI partnered with the Exchange on the engagement session to further educate the investor community on incorporating ESG data into decision-making.

Chiemeka noted that the exchange recognises the power and potential of responsible investing while adding that it firmly believes that sustainable finance is not merely a buzzword, but a transformative force that has the ability to shapen the economy.

He added that the NGX have completely embraced the vision and taken concrete steps to contribute to the advancement of responsible investment practices.

Emphasising the role GRI plays in shaping the global sustainability reporting landscape, he said: “Through their work, they have paved the way for greater accountability and responsible business practices. We laud their dedication and unwavering commitment to building a more sustainable future.”


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