Nigeria’s equities market rose further on Wednesday by 0.08 percent, recording its third consecutive day of positive close this week.
Though on a mild note, the market closed in green after record profit-taking in early trading on the Nigerian Bourse.
Investors positioning in Academy Press ahead of proposed dividend and bonus share pushed the price higher from day-open low of N7 to N7.70, adding 70 kobo or 10 percent.
Post-MPC meeting, investors continued to take positions in stocks following foreign exchange (FX) reforms, moderating fixed income yields, banking sectors recapitalisation and expectation of interim dividend payment by the market’s regulars. The market’s half-year earnings season is underway.
TIP share price also increased from preceding day’s low of N12.13 to N13.34, adding N1.21 or 9.98 percent. Ikeja Hotel share price also moved up remarkably from N19.10 to N21, adding N1.90 or 9.95 percent.
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Enamelware also rallied from N22.35 to N24.55, adding N2.20 or 9.84 percent, while Nahco made the league of market’s major advancers on Wednesday after rising from N106.70 to N117, adding N10.30 or 9.65 percent.
At the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased further from preceding day’s lows of 132,451.73 points and N83.789 trillion respectively to 132,557.43 points and N83.856 trillion.
Stocks like Access Holdings, Ellah Lakes, Japaul Gold, Royal Exchange and Universal Insurance were actively traded on Wednesday. In 26,931 deals, investors exchanged 681,240,677 shares worth N17.017 billion.
“Momentum remains concentrated in a few large-cap names, particularly in the industrial and consumer goods sectors, raising the risk of short-term fatigue.
“With banks largely muted and oil & gas under pressure, investors may begin rotating into underperforming sectors like insurance or select mid-cap names.
“Holding above the 132,000 points mark will be key to maintaining market confidence heading into mid-week,” said analysts at Lagos-based Vetiva Research in their post-trading note to investors on July 22.
