The Nigerian Stock Exchange market enjoyed its first positive close of the week, advancing by 0.23% on Wednesday, after declining by 0.07% and 0.23% on Tuesday and Monday respectively. The market capitalization also appreciated by 0.23%, adding N50.264 billion to its ranks to close the day at N21.524 trillion.
The Insurance Index continued it ascent, with multiple stocks contained within it recording maximum gains. There was however a sharp reversal in the fortunes of AXA Mansard share prices, just as the company commenced the process of executing its share reconstruction.
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The timetable for the share reconstruction is as follows;
- January 20, 2021 – Receive CAC approval of share reconstruction
- January 21, 2021 – Submit an application to SEC for approval of share reconstruction
- February 4, 2021 – Receive SEC approval for share reconstruction
- February 9, 2021 – Share reconstruction effected on NSE
Click here for more on the AXA Mansard share reconstruction
All five stocks on our highflyers tracker recorded maximum gains; MBENEFIT and ROYALEX appreciated by 10.00%, CHAMPION gained 9.46%, TRANSCORP gained 9.40%, and REGALINS gained 7.69%.
Activity level
649.649 million units of shares were traded on Wednesday in 6,296 deals, the shares were valued at N21.524 trillion.
The activity level was mixed, with the volume of shares traded increasing by 23.74% while the value of shares traded decreased by 13.59%.
Shares of MBENEFIT were the most traded by volume, with 52.106 million shares worth N28.652 million exchanging hands in 84 deals. TRANSCORP and STERLINBANK were the second and third most traded stocks by volume with 51.653 million and 48.119 million traded shares respectively.
Shares of WAPCO were the most traded by value, with shares worth N900.091 million traded in 518 deals. GUARANTY and DANGCEM were the next two most traded shares by value with their shares traded valued at N803.557 million and N410.569 million respectively.
Performance of Indices
4 of the indices under our watch advanced, while 1 declined.
- Insurance Index advanced by 2.52% on the back of multiple gains by Insurance Stocks
- Industrial Goods Index advanced by 0.50% following gain recorded by ARDOVA (+9.72%)
- Oil & Gas Index advanced by 0.45% due to gains in ARDOVA (9.72%)
- Consumer Goods Index advanced by 0.21% owing to buying interests in FLOURMILL (+1.56%) and PZ (+5.56%)
- Banking Index declined by 0.23% due to sell-offs in GUARANTY (-2.07%).
Investor Sentiment
Investor Sentiment as measured by market breadth strengthened to 3.7x from the 2.0x recorded previously as 55 stocks advanced against 15 decliners.
Top 5 gainers by percentage are;
- DEEPCAP gained 10.00% to close at N0.22
- MBENEFIT gained 10.00% to close at N0.55
- NIGERINS gained 10.00% to close at N0.33
- NNFM gained 10.00% to close at N8.80
- ROYALEX gained 10.00% to close at N0.44
Top 5 losers by percentage are;
- SUNUASSUR lost 10.00% to close at N0.90
- MANSARD lost 10.00% to close at N1.53
- JAPAULGOLD lost 9.38% to close at N1.16
- AFROMEDIA lost 9.09% to close at 0.20
- OMATEK lost 8.70% to close at N0.21
Outlook
We maintain our expectation that the market will have a positive close to the week.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
