Stock market appreciates by 0.07% amid expansion in GDP

NSE Daily Market Summary

The Nigerian equities market yesterday closed trading activities positive, as the market bounced back from the previous day trading session loss with a gain of 0.07 per cent.

Yesterday’s positive out turn was due to investors increased buying interest in recently depreciated stock prices across the major market sectors and the news that the nation’s Gross Domestic Product (GDP) expanded by 5.01 per cent in second quarter of 2021.

In summary, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) grew by 27.36 basis points, representing an increase of 0.07 per cent, to close at 39,477.18 basis points. Similarly, the overall market capitalisation value gained N14 billion to close at N20.568 trillion.

Accordingly, the Month-to-Date gain increased to +2.4 per cent, while the Year-to-Date loss moderated to –two per cent.

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Analysing by sectors, the Insurance (+2.3 per cent), Oil & Gas (+0.2 per cent) and Banking (+0.1 per cent) indices recorded gains while the Consumer Goods and Industrial Goods indices closed flat.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Eterna, GlaxoSmithKline Consumer Nigeria, Presco, Honeywell Flour Mills and UACN Property Development Company (UPDC).

Furthermore, the market breadth closed positive with 27 gainers as against 12 losers. Eterna recorded the highest price gain of 9.97 per cent to close at N7.50, per share. UPDC followed with a gain 9.74 per cent to close at N1.69, while AIICO went up by 8.42 per cent to close at N1.03, per share.

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Glaxosmith rose by 7.94 per cent to close at N6.80, while Honeywell Flour Mills gained 7.45 per cent to close at N3.46, per share. On the other hand, Ikeja Hotel led the losers’ chart by 10 per cent to close at N1.26, per share. SCOA Nigeria followed with a decline of 9.43 per cent to close at N1.44, while Associated Bus Company down by 8.33 per cent to close at 33 kobo, per share.

Champion Breweries lost 4.55 per cent to close at N2.10, while Japaul Gold and Ventures shed 3.85 per cent to close at 50 kobo, per share.

However, the total volume of trades declined by 5.6 per cent to 186.327 million units, valued at N1.794 billion, and exchanged in 3,595 deals. Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 19.672 million shares valued at N4.643 million. Lafarge Africa followed with 17.431 million shares worth N382.415 million, while Honeywell Flour Mills traded 15.038 million shares valued at N52.410 million.

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Mutual Benefits Assurance traded 14.654 million shares valued at N4.520 million, while UPDC transacted 10.395 million shares worth N17.324 million.

Meanwhile, Eterna announced on the Exchange the acquisition of 794.970 million, representing 60.98 per cent equity stake by Preline Limited as part of the divestment process of six of its substantial shareholders.


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