Nigerian equities market reopened yesterday with a strong bullish sentiment as investors upped demand for quoted shares ahead of the weekend deadline for submission of first quarter earnings.
Benchmark indices at the Nigerian Exchange (NGX) showed average gain of 0.49 per cent, representing net capital appreciation of N137 billion.
Early first quarter results showed that companies were resilient despite the inflationary trend and the cash redesign crisis that characterised the period.
Under the rules, quoted companies are expected to submit their quarterly results not later than 30 days after the end of the period. The deadline for the submission of earnings results for the quarter ended March 31, 2023 is April 30, 2023.
Most companies are expected to meet the deadline, with early filers showing less drastic impact of the political transition, inflation and cash crunch on overall performance.
The All Share Index (ASI)- the value-based common index that tracks all share prices at the NGX rose from its opening index of 51,355.74 points to close at 51,606.49 points. Aggregate market capitalisation of all quoted equities also increased correspondingly from its opening value of N27.963 trillion to close at N28.100 trillion.
With 33 advancers to nine decliners, the overall market performance was driven by widespread buy orders across the sectors, especially in the telecommunications, banking and manufacturing sectors.
Japaul Gold & Ventures recorded the highest price gain of 10 per cent to close at 33 kobo per share. Honeywell Flour Mills followed with a gain 9.91 per cent to close at N2.55. Berger Paints gained 9.87 per cent to close at N8.35 per share. Transnational Corporation rose by 9.80 per cent to close at N2.69, while Ikeja Hotel appreciated by 9.35 per cent to close at N1.52, per share.
On the other hand, Wapic Insurance led the losers’ chart by 7.32 per cent to close at 38 kobo per share. Nigerian Exchange Group followed with a decline of 4.89 per cent to close at N25.30. RT Briscoe declined by four per cent to close at 24 kobo. AIICO Insurance shed 3.64 per cent to close at 53 kobo while Royal Exchange dropped by 3.17 per cent to close at 61 kobo.
