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Equities market opens with N8.6bn gain for investors

Equities market opens with N8.6bn gain for investors

After the 2-day public holiday declared for the Eid-el-Kabir celebrations, the stock market opened Wednesday on a positive momentum as the All-Share Index advanced 7 bps to close at 25,221.23 points. The ASI growth was driven largely by gains in Stanbic (+10.0percent), Guaranty Trust Bank (+4.6percent) and Nigerian Breweries (+10.0percent).

Consequently, investors gained N8.6bn as market capitalisation settled at N13.1tn while year to date loss improved to -6.0percent. Activity level advanced as volume and value traded rose 124.0percent and 94.0percent to 581.6m units and N5.6bn respectively.
The most active stocks by volume were FBNH (120.9m units) Zenith (67.3m units), and GTB (62.7m units) while GTB (N1.5bn), Zenith (N1.2bn) and FBNH (N681.9m) led by value. Performance across all sectors under review was mixed as 3 indicators lost, 2 gained while AFR-ICT index closed flat.
The Industrial Goods index lost 2.0percent to lead the laggards, driven by a loss in Dangote Cement (-8.5percent). The Insurance (-0.6percent) and Oil & Gas (-0.3percent) indices trailed as a result of sell-offs in WAPIC (-6.1percent) and Ardova (-10.0percent). Meanwhile, price appreciation in GTB (+4.6percent), Zenith (+5.6percent), Dangote Sugar (+9.4percent) and Nigerian breweries (+10.0percent) saw the Banking and Consumer Goods indices gain 5.4percent and 3.1percent respectively. Investor sentiment as measured by market breadth rose to 2.8x from the 1.8x recorded in the previous session as 31 stocks gained relative to 11 losers. The top gainers were Nigerian breweries (+10.0percent), Stanbic (+10.0percent) and May and Baker (+10.0percent) while Ardova (-10.0percent), REGALINS (-8.7percent) and Afromedia (-7.1percent) led the losers. Announcing corporate actions, Dangote Cement Plc released its Q1:2020 unaudited financial statements which saw revenue rising by 3.8percent year on year to N249.2bn while PAT advanced 0.6percent y/y to N60.6bn. Similarly, Chemical and Allied Products Plc FY: 2019 audited financial statements saw revenue climbed 9.7percent y/y to N8.4bn while PAT declined 14.1 percent y/y to N1.7bn.

source: https://www.dailytrust.com.ng/equities-market-opens-with-n8-6bn-gain-for-investors.html