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Zenith, Fidelity, Access Sustain Bullish Stock Market

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The Nigerian Stock Exchange market capitalisation gained N239 billion in about six hours of trading on Wednesday, due to crash in money market instruments and improved third quarter earnings.

Specifically, the market capitalisation which opened at N15.147 trillion rose by N239 billion or 1.58 per cent to close at N15.386 trillion.

Also, the All Share Index increased by 457.31 points or 1.58 per cent to close at 29,437.60 from 28,980.29 posted on Tuesday.

The bull market was sustained by activities in some of the country’s leading banks including Zenith, Fidelity and Access Banks which had the greatest turnover of stocks on Wednseday.

The uptrend was also impacted by gains recorded in large and medium capitalised stocks, amongst which are; Nestle, Total, Dangote Cement, Conoil and Flour Mills.

The Chief Executive Officer, InvestData Ltd., Mr Ambrose Omordion, attributed the renewed investor confidence to higher return offered by the stock market.

Omordion said that low yield in other money market instruments made the stock market the toast of investors.

He said that relative calm in the country after the #EndSARS protests and lifting of curfews contributed to the price rally.

Market breadth remained positive with 41 gainers and five laggards.

An analysis of the price movement chart shows that Custodian Investment and Nestle topped the gainers’ chart in percentage terms, gaining 10 per cent each to close at N6.05 and N1,292.50 per share, respectively.

NEM Insurance followed with 9.85 per cent to close at N2.23 per share.

International Breweries rose by 9.84 per cent to close at N6.70, while FCMB Group appreciated by 9.81 per cent to close at N2.91 per share.

Conversely, Royal Exchange led the losers’ chart in percentage terms, declining by eight per cent to close at 23k per share.

Cutix followed with 6.84 per cent, to close at N1.77, while Honeywell shed 1.03 per cent to close at 96k per share.

Africa Prudential dipped 0.85 per cent to close at N5.85, while May and Baker depreciated by 0.33 per cent to close at N3.05 per share.

Zenith Bank dominated the activity chart with 46.66 million shares valued at N1.004 billion.

Fidelity Bank came second with 33.47 million shares worth N76.05 million, while Ecobank Transnational Incorporated traded 27.53 million shares valued at N157.02 million.

Access Bank sold 26.52 million shares worth N205.99 million, while BUA Cement transacted 25.02 million shares valued at N1.04 billion.

However, the total volume of traded dipped 2.68 per cent with an exchange of 375.25 million shares valued at N4.63 billion exchanged in 5,947 deals.

This was against a turnover of 385.59 million shares worth N2.91 billion achieved in 5,283 deals on Tuesday. 

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