Nigerian bourse opens 2022 bullish

Nigerian bouse began the year transactions on Tuesday on a bullish note as All-Share Index rose by 0.77 per cent and investors gainning N171.7 billion.

The benchmark index scaled up by 330.34 basis points to 43,046.78, while market capitalisation climbed to N22.5 trillion at the end of the day trading. The index appreciated by 0.77 year-to-date.

The market rose principally on the gains recorded by BUA Cement, Zenith Bank and Stanbic IBTC Bank. However, Academy Press led gainers’ chat, growing by 10 per cent to close at N0.55, followed by Wema Bank which gained 9.72 per cent to close at N0.79. Cornerstone rose by 8.70 per cent to close at N0.50. Neimeth rose by by 8 per cent to close the day trading activities at N1.89. BUA Cement completed the top-five gainners’ chat by adding 7.31 per cent to N71.95.

Vitafoam topped the losers’ table, declining by 10 per cent to close at N20.25. NNFM shrank by 10 per cent to end at N7.20. Ardova tumbled to N11.70, losing 10 per cent. Chams dipped to N0.20, recording 9.09 per cent loss. Sunu Assurance closed at N0.41, going down by 8.89 per cent.

The Industrial Goods Index rose by 2.95 per cent, to be ahead of the four other sector indexes tracked by the bourse.

The market breadth closed on a negative note as 26 losers were reported compared to 18 gainners.

A total of 216.7 million shares worth N1.5 billion were traded in 4,080 deals with Chams emmerging as the most preferred stock with 29.9 million shares worth N6.1 million traded in 31 deals. Wema had 17.1 million shares priced at N13.3 million exchanged hands in 60 transactions. Zenith had 11 million shares valued at N278.2 million traded in 321 deals. Transcorp traded 10.8 million shares estimated at N10.5 million in 106 transactions. Sovereign Trust traded 10.5 million shares valued at N2.9 million in 28 deals.

Analysts at United Capital said in their outlook for this week: “We expect the market to open the year on a mild bearish note as investors take profits off the table.”

“We expect the January buying interest to resume in no distant time as investors begin to position for FY-2021 dividend announcements,” they added.