Investors Smile As Equities Market Bullish Run Continues

Trading opened with the same positive momentum on Tuesday as the close of trading on Monday, November 8, 2021, with an All Share Index of 43,246.87 absolute basis points, which represented a 2.93% rise from its Friday, November 5, position. 

The optimistic mood of the market was sustained to drive a 1.12% rise in the ASI to 43,730.55 absolute basis points. This 1.12% rise was created by the volume of shares of STERLING BANK, UACN, ZENITH BANK, UCAP, and ACCESS BANK, which collectively took up exactly 59.76% of equities traded. 

Though this marginal rise was not reflected in the volume and value indices of the equities market activities as a 35.51%, 30.63% decline from Monday trade figures of 57.11% and 110.31% respectively, was clearly witnessed. 

Consequently, the volume of stocks traded on the floor of the stock market dropped from its Monday high of 435,253,709 to close at 280,713,888, with the value also dropping from N5 billion to close at N3.5 billion.

24 companies that contributed to these gains in the equities market were not enough to arrest the 30.63% fall in naira value for the volume of shares traded. 

Despite mixed performance on the floor of the exchange, the All-Share Index still generated the drive to end trading at 1.12% of 43,730.55 absolute basis points. 

This performance was supported by MTN taking up exactly 30.98% portion of the total equities traded with a value of over N1 billion, making it the toast of investors who took advantage to make profit from price appreciation opportunities presented.

Others include ZENITH BANK with a market value of 12.29% valued over N427 million, UACN with 10.37% valued at over N360 million, AIRTELAFRI with 6.48% valued at over N225 million, and UCAP with 4.89% valued at over N169 million, all taking up the top 5 positions respectively and owning exactly 65.01% of equities traded. 

Despite the volume of trade activities experienced by MTNN, ZENITHBANK, UACN, AIRTELAFRI, UCAP, certain companies made the most gains for traders as their differentials in opening price and closing price created the most difference. 

Capitalized stocks of companies such as ABCTRANS, FINCOCOA, ARDOVA, UACN, and LIVESTOCK made the most change.

For instance, ABCTRANS opened trade at N0.30 to close at N0.33, which represents a 10.00% market share jointly with FINCOCOA who also recorded the same 10.00%.

ARDOVA with 7.38%, UACN with 7.14%, and LIVESTOCK with 6.83% all held on to the third, fourth, and fifth positions, respectively. They all held almost 42% of the gains from trading. 

Some companies’ stocks performed woefully as they topped the losers' chart. They are BERGER, CAVERTON, UPL, REGALINS, CONOIL with -9.52%, -9.09%, -7.39%, -0.82%,-5.65% respectively. These companies took up 37.47% of total losses in the market. 

On the sector-to-stock market basis, gains in the industrial goods (+0.2%), consumer goods (+0.2%), oil and gas (+0.1%) and banking (+0.1%) indices reflected the overall market performance. However, the insurance ( -0.33%) index declined. 

Finally, as measured by market breadth, market sentiment was positive as 24 tickers gained relative to 16 losers as compared to the previous day where it was negative with 17 tickers gained relative to 25 losers.