Investors’ Wealth Rises ₦4.4bn as Equities Market Maintains Uptrend

Admin 05-Nov-2020 Business

By Olayemi Esan

Investors’ wealth rises ₦4.4 billion as positive sentiments keep the equities market uptrend on Wednesday. 

For the second straight sessions, the Nigerian Stock Exchange has sustained bullish run amidst mixed corporates results in the third quarter earnings season. 

Analysts at Chapel Hill Denham said although the market had oscillated between the negative and positive terrain throughout the trading day, however, investors’ interest in FCMB (+5.17%), GUARANTY (+0.31%), and DANGSUGAR (+0.65%) were enough to keep the market afloat.

Precisely, the NSE All-Share Index rose by 3bps to 30,741.88 points, mostly on account of the bargain hunting play by domestic investors.

Against the preceding, the year-to-date return climbed further to 14.53%, while market capitalisation advanced to ₦16.068 trillion on Wednesday.

Market data shows that the trio of Consolidated Hallmark Insurance Plc (+8.82% to ₦0.37), Prestige Assurance Co. Plc (+7.41% to ₦0.58), and FCMB Group Plc (+5.17% to ₦3.05) were today’s top gainers.

On the flip-side, Mutual Benefits Assurance Plc (-4.76% to ₦0.20), Wema Bank Plc (-3.13% to ₦0.62), and Julius Berger Nigeria Plc (-2.57% to ₦17.05) were today’s top losers.

“We like that the performance across coverage sectors was largely positive, as 3 of 5 of our coverage indices closed in the green”, Chapel Hill Denham stated.

Specifically, the NSE insurance, NSE consumer goods, and NSE industrial goods indices closed positive, gaining 104bps, 5bps, and 3bps, respectively..

The foregoing was driven by AIICO (+4.82%), DANGSUGAR (+0.65%), and WAPCO (+0.27%). Meanwhile, both the NSE oil & gas and NSE banking indices closed flat.

Elsewhere, the market’s activity was broadly weak, with volume and value traded declining by 14.77% and 20.45% to 286mn units and ₦3.095bn, respectively.

Today’s most traded stocks by volume were Access Bank Plc (145.01mn units), Zenith Bank Plc (21.87mn units), and UBA (17.04mn units).

On the other hand, the top traded stocks by value are Access Bank Plc (₦1.167bn), Stanbic IBTC Holdings Plc (0.520bn), and Zenith Bank Plc (₦0.478bn).

The Chapel Hill Denham’s Paramount Equity Fund (PEF) and the Women Investment Fund (WIF) both notched higher by 7bps and 5bps, respectively.

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