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Stock Market Begins Week Positive With N56bn Gain

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The Nigerian equities yesterday, opened the week on a positive note, extending gains from the previous session following bargain hunting in Seplat Energy and

In summary, the All-Share Index grew by 104.82 absolute points, representing a rise of 0.20 per cent, to close at 52,319.94 points. Similarly, the overall market capitalisation value gained N56 billion to close at N28.214 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Seplat Energy, Flour Mills of Nigeria, Fidson Healthcare, Guaranty Trust Holding Company , Wema Bank and United Capital. This week, United Capital Plc expected continued bargain hunting as investors continue to look forward to the first half , 2022 earnings season, cherry-picking stocks with potential for strong earnings performance as well as interim dividend payment.

“However, we note that a strong hike in Monetary Policy Rate at this week’s MPC meeting could spell bad news for the equities market,” they said. As measured by market breadth, market sentiment was negative, as 16 stocks gained relative to 22 losers. Seplat Energy recorded the highest price gain of 10 per cent to close at N1,430.50, per share. Cornerstone Insurance followed with a gain 8.77 per cent to close at 62 kobo, while R.T. Briscoe Nigeria went up by 8.11 per cent to close at 40 kobo, per share.

 

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