Indices up by N22 billion on potential year-end earnings, dividends
Bargain-hunting ahead of the 2021 full year earnings and dividend declarations yesterday spurred activities on the equities sector of the Nigerian Exchange Limited ( NGX), causing market capitalisation to appreciate by N22 billion.
In summary, the All-Share Index (ASI) grew by 41.40 absolute points, representing an increase of 0.10 per cent to close at 42,394.71 points while the overall market capitalisation value gained N22 billion to close at N22.129 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, GlaxoSmithKline Consumer Nigeria, Union Bank of Nigeria (UBN), Guaranty Trust Holding Company (GTCO) and NEIMETH International Pharmaceuticals.
Analysts at Afrinvest Limited said: “We expect the improved investor sentiment to sustain bullish performance in the next trading session.”
Market sentiment, as measured by market breadth, was positive as 21 stocks gained while 11 others recorded price depreciation.
NEIMETH International Pharmaceuticals recorded the highest price gain of 9.82 per cent to close at N1.79 kobo. UPDC followed with a gain of 9.43 per cent to close at N1.16 while Royal Exchange rose by 8.70 per cent to close at 75 kobo.
Mutual Benefits Assurance rose by 7.69 per cent to close at 28 kobo while Regency Alliance Insurance appreciated by 7.32 per cent to close at 44 kobo, per share.