Cutix, Honeywell, other stocks cause market’s 0.35% rise

Nigeria’s equities market closed in the green on Wednesday, rising by 0.35percent or N107billion as investors bought shares like Cutix, Honeywell, and others.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation rose from preceding day’s low of 55,603.94 points and N30.290trillion respectively to 55,801.14 points and N30.397trillion.

“The market is likely to close in the green in March, and the relative post-election calm supports this position,” said CardinalStone Research analysts in their March 8 note.

Cutix rallied most by 17kobo or 8.50percent, from N2 to N2.17. It was followed by Honeywell which rose from N2.19 to N2.33, after adding 14kobo or 6.39percent; and Trans-nationwide Express which increased from 81kobo to 89kobo, adding 8kobo or 9.88percent.

In 3,293 deals, investors exchanged 152,742,743 shares valued at N3.572billion. Courteville, UBA, GTCO, Axa Mansard and Dangote Cement were most traded stocks on the Exchange. The market’s year-to-date (YtD) return increased to 8.88percent.

Analysts at Vetiva had noted that “With investors still awaiting full year results from the Tier-I banks, these stocks remain under pressure, as profit taking activity continues”. They had anticipated a muted trading session on Wednesday, saying investors continue to trade cautiously in the market.