Investors interest in stocks like Beta Glass Plc, Cadbury Nigeria Plc and other major advancers spurred the Nigerian Exchange Limited (NGX) All Share Index (ASI) to rise by 0.62 percent on Monday, May 5. Stock investors gained about N413billion at the close of trading.
Futureview Research analysts in their recent recommendation said, “We expect a positive performance in the equities market this week, though the NTB Auction may divert some liquidity”.
“Sentiment should remain broadly positive, with investors focusing on undervalued, dividend-paying stocks for stable returns,” they added.
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The Debt Management Office (DMO) on behalf of the Federal Government of Nigeria announced the May edition of the FGN Savings Bond (FGNSB) with interest rates of: 2-Year FGN Savings Bond due May 14, 2027: 16.173 percent per annum; and 3-Year FGN Savings Bond due May 14, 2028: 17.173 percent per annum.
At the NGX, Beta Glass rallied most from N109.80 to N120.75, adding N10.95 or 9.97 percent. The Initiates also increased from N4.95 to N5.44, adding 49kobo or 9.90 percent. Also, Cadbury share price moved from N31.90 to N35.05, adding N3.15 or 9.87 percent. Caverton rose from N2.66 to N2.92, up by 26kobo or 9.77 percent, while Multiverse increased from N6.35 to N6.95, adding 60kobo or 9.45 percent.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation moved up from preceding day’s close of 106,042.57 points and N66.647 trillion respectively to 106,698.5 points and N67.060 trillion.
In 18,612 deals, investors exchanged 569,041,109 shares worth N18.934billion. First Holdco, GTCO, Access Holdings, Japaul Gold and Chams were actively traded stocks on Monday.
CardinalStone Research analysts who said they plan to reduce their exposure to Lafarge Africa ahead of its N4 per share interim dividend markdown scheduled for May 12, said it is to mitigate any potential drag on their Model Equity Portfolio (MEP) performance “with the intention to re-enter at more attractive post-markdown levels”.
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“Finally, we will continue to observe market sentiment, particularly in reaction to recently released results and expectations for other earnings releases,” they added.
“Looking forward, the equities market might be mixed due to elevated interest rate environment in the fixed-income market, we still expect bearish sentiments to linger in the background. Generally, investors await Monetary Policy Committee (MPC) decision in their upcoming meeting in May. Concurrently, retail investors are engaging in profit-booking, resulting in selloffs that impede the consistent upward movement of stock prices,” United Capital research analysts said.
