Wema, Honeywell, Lasaco, others drive NGX-ASI increase by 0.06%

Nigeria’s equities market continued its upward movement on Monday as investors showed interests in shares of Wema Bank, Honeywell Flourmills, Coronation Insurance, Lasaco, and other major advancers at the close of trading.

The Nigerian Exchange (NGX) All-Share Index (ASI) and Market Capitalisation appreciated by 0.06 percent from preceding day’s 103,586.33 points and N63.166 trillion respectively to 103,648.24 points and N63.203trillion.

The stock market has risen this year by 0.70 percent.

“Looking forward, the equities market is expected to retain its buy interest as investors cherry-pick undervalued stocks. However, given the high interest rates in the fixed income and money markets, we expect some bearish undertone to persist in the equities market as fixed income biased investors take advantage of the high yields in the fixed income space.

“Nevertheless, the Bulls will remain incentivized to persist in bargain hunting, given the tremendous mid-long-term opportunities in the equities market. Fund managers and businesses may entertain mid-long-term (≥3 months) investment objectives, cherry-picking only sound equities with strong fundamentals and ongoing/pending corporate actions. This strategy will maximise market opportunities, thereby optimising portfolio returns,” United Capital research analysts said in their January 6 note.

In 16,505 deals, investors exchanged 855,965,099 shares worth N13.249billion. Chams, Veritas Kapital Assurance, Access Holdings, GTCO, and Prestige Assurance were actively traded stocks.

Wema Bank share price moved up most on the Bourse, from N10 to N11, adding N1 or 10 percent. It was followed by Honeywell Flourmills which increased from N7.61 to N8.37, adding 76kobo or 9.99 percent, Coronation Insurance which rose from N2.71 to N2.98, adding 27kobo or 9.96 percent, and Lasaco which moved up from N3.72 to N4.09, adding 37kobo or 9.95 percent.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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