The Nigerian stock market opened this week on a positive note, gaining about 0.57percent despite that investors are keenly following the outcome of last weekend’s presidential and national assembly elections.
The equities market closed Monday February 25, 2019 with the All Share Index (ASI) at 32,700.12 points as against the preceding day low of 32,515.52 points. The stock market’s Year-to-Date (YtD) returns currently stands at +4.04percent.
Likewise, the value of listed equities increased from N12.126 trillion to N12.194 trillion, representing an increase of about N68billion. At the sound of closing gong on the 9th floor of the Exchange, the market recorded 25 gainers as against 8 losers.
“Politics and earnings should be the two biggest themes that would guide trading sentiments this week. In the wake of the just concluded Presidential and National Assembly elections, markets would have to come to terms with uncertainties around the probable economic direction of the new (or old) government, even as earnings continue to trickle in”, analysts at Lagos-based United Capital Plc said in their February 25 note.
Nigerian Breweries recorded the highest gain of N3.2 or 4percent after its share price moved up from N80 to N83.2. Mobil Nigeria Plc also advanced, from N178 to N180, up N2 or 1.12percent. Dangote Flourmills Nigeria Plc increased from N10.05 to N11.05, adding N1 or 9.95percent; NASCON Plc gained 65kobo or 3.56percent, from N18.25 to N18.9. Dangote Sugar Refinery Plc advanced from N15 to N15.5, adding 50kobo or 3.33percent.
Equity research analysts at Vetiva Capital Management Limited had in their Monday February 25, 2019 note said “barring any negative surprises at the polls, we anticipate a positive start to this week’s trading as investors price-in improved certainty upon conclusion of the general elections.”
In 2,999 deals, investors exchanged 219,808,655 units valued N5.549billion. Nigerian Breweries Plc, Diamond Bank Plc, Access Bank Plc, GTBank Plc, and FCMB Group Plc were actively traded stocks.
On the losers table, Total Nigeria Plc declined most from N195 to N190, losing N5 or 2.56percent. Flourmills Nigeria Plc also declined from N20.2 to N20, losing 20kobo or 0.99percent. Access Bank Plc declined from N6.4 to N6.35, losing 5kobo or 0.78percent; PZ Cussons Nigeria Plc was also down from N12.35 to N12.3, losing 5kobo or 0.40percent; while FBN Holdings Plc declined from N8.35 to N8.3, also losing 5kobo or 0.60percent.
Iheanyi Nwachukwu
