Following price gains recorded by major highly capitalised stocks, especially Dangote Cement, and Guaranty Trust Bank (GTB), transactions on the equity sector of the Nigerian Stock Exchange (NSE), reopened in an upbeat after the two days holiday to mark the just-concluded Eid-el Adha celebration.
Market capitalisation rose by N198billion, and market capitalisation of listed equities increased by 1.56 per cent to N12.852trillion from N12.654trillion reported on Monday August 20, 2018.Similarly, the NSE All-share index also appreciated by 542.68 basis points to 35206.16 points from 34663.48 traded previously. But analysts are sceptical of the possibility of market rebound in the absence of stable supportive macroeconomic fundamentals.
Specifically, analysts at Codros Capital, said: “We guide investors to trade cautiously in the short-to-medium term, as the absence of a positive one-off catalyst and brewing political concerns, continue to cast a shadow on our outlook for risky assets. However, the likelihood of recovery in the long term remains supported by stable macroeconomic fundamentals.”Further breakdown of yesterday’s trading showed that investors exchanged 220.710 million shares worth N2.531billion in 3287 deals against 220.495 million shares valued at N3.187billion exchanged hands on Tuesday in 3054 deals.
Dangote Cement Industries led the gainers’ table, gaining N15.00 to close at N230.00, Guaranty Trust Bank followed with a gain of N0.85kobo to close at N37.80, Dangote Flour Nigeria Plc increased by N0.50kobo to close at N8.20, Oando Plc appreciated by N0.25 to close at N5.00, FBNHoldings rose N0.05kobo to close at N9.65.On the contrary, Total Nigeria Plc topped the losers’ chart, dropping by N5.40 to close at N177.60, Okomu Oil Palm trailed with a loss of N3.35 to close at N71.20, Lafarge Wapco went down by N1.55 to close at N26.25, Ecobank Transnational Incorporated fell by N1.30 to close at N19.20, while International Breweries declined by N1.20 to close at N34.00. Further analysis of the investment indicated that United Bank for Africa (UBA) was the most active stock during the day, trading 54.331 million shares worth N436.114million.Zenith international Bank followed with account of 25.992 million shares worth N571.415million, FBNHoldings traded 14.189 million shares worth N136.638 million, Transnational Corporation of Nigeria (Transcorp) sold 13.538 million shares worth N14.888million, while Skye Bank sold 12.190 million shares cost N6.205million