Julius Berger, other stocks cause markets positive start to new week

Nigeria’s equities market opened the new week in green, thanks to shares of construction giant Julius Berger which rose most on the Bourse from N24.50 to N26.95, adding N2.45 or 10percent.

It was followed by International Energy Insurance which increased from N1.20 to N1.30, after adding 10kobo or 8.33percent, and Livestock Feeds which rallied from day-open low of N1.07 to N1.12, adding 5kobo or 4.67percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation appreciated on Monday March 6 by 0.14percent to close at 55,605.57 points and N30.291trillion respectively as against preceding trading day’s 55,529.21points and N30.250 trillion. The market’s year-to-date (YtD) return has increased to 8.50percent.

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“We expect the overall bullish sentiments in the equities market to linger. This is hinged on the view that investors’ bullish sentiments will prevail amid post-election uncertainties and a depressed interest rate environment, particularly at the short end of the curve,” said United Capital research analysts in their investment view for this week.

They foresee opportunities for Buy-Side investors to increase holdings (in the near term) on fundamentally sound stocks with improved valuation and dividend yield. “Nonetheless, we still expect profit-booking activities on stocks that have crossed the overbought region,” the analysts added.

Transcorp, GTCO, UBA, Oando and Fidelity Bank were top-5 traded stocks on the Exchange as investors in 4,076 deals exchanged 123,545,108 shares valued at N2.483billion.

Greenwich Merchant Bank Limited Series 1 & 2 Commercial Paper (CP) Issuance of up to N10billion under its N100billion Commercial Paper programme is open and scheduled to close Thursday March 9, 2023. The proceed of the issue will be used to support the issuers short-term funding needs.