• Monday, March 04, 2024
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Transcorp Hotels, others drive market’s N21bn gain as week opens

Nigeria’s equities market opens new month in green

…Fidson to raise N5bn from Commercial Paper issuance

Nigeria’s equities market opened this week in green, rising on Monday by N21billion or 0.02percent thanks to stocks like Transcorp Hotels Plc, Infinity Trust Mortgage Bank Plc, John Holt Plc, SCOA and FTN Cocoa.

Transcorp Hotels rose most from day-open low of N46.90 to N51.30, after it added N4.40 or 9.38percent. It was followed by Infinity Trust Mortgage Bank which increased from N2.82 to N3.10, after adding 28kobo or 9.93percent; and John Holt which rallied from N2.23 to N2.45, up by 22kobo or 9.87percent.

“We anticipate continued positive trading, as sentiments from the last week still prevail. We advise investors to invest in high-quality stocks with strong fundamentals backing them,” Futureview analysts said in their December 18 note.

Read also: Foreign investors uptick in sight for Nigeria’s equities market

Fidson Healthcare Plc, a listed company on the NGX intends to raise N5billion Series 5 & 6 Commercial Paper (CP) under its N10billion Commercial Paper programme. The proceeds will support the issuer’s short-term working capital and funding requirements.

At the close of trading on Monday December 18, Nigeria’s equities market All-Share Index (ASI) and its capitalisation increased slightly by 0.02percent from preceding day’s 72,389.23 points and N39.613 trillion respectively to 72,404.91 point and N39.621 trillion. Investors gained about N21billion. The market is up this year by 41.27 percent.

Read also: Stock market opens week on a positive note

“We anticipate the profit-taking activities observed towards the end of the previous week to influence the market dynamics this week. We expect profit-taking activities on stocks that have experienced substantial gains, particularly as corporations wind down for the period and investors strategically position themselves in anticipation of the upcoming earnings season. However, we do not discount the likelihood of continued bargain hunting as investors continue to search for value,” according to Meristem research analysts in their recent note.

In 6,745 deals, investors exchanged 324,249,891 shares worth N4.397billion. Mutual Benefit, UBA, Transcorp, Sterling Bank and Zenith Bank were most traded stocks on Monday.