Market begins new trading week on a bullish note, gains 0.5%
In Tuesday’s trading session, the domestic equity market gained 0.5% as the NGX benchmark index closed at 47,565.92 points. Consequently, the Year-to-date (YTD) return of the market strengthened to 11.4% from 10.9% the previous trading day.
Top gainers in Tuesday’s trading session were led by MAYBAKER (+9.8%), IKEJAHOTEL (+9.7%) and BUACEMENT (+8.7%). However, UPL (-8.5%), CADBURY (-6.9%) and FTNCOCOA (-6.7%) posted as Tuesday’s top losers.
For Tuesday’s trading session, the total volume traded declined by 8.5% to 125.6mn units and value traded gained 11.1% to ₦1.9bn. GTCO, FBNH and TRANSCORP led the volume chart with 38.8mn units, 22.8mn units and 9.6mn units respectively. On the other hand, GTCO, SEPLAT and FBNH led the value chart with ₦659.1mn, ₦308.4mn and ₦216.9mn respectively.
Across sectors under our coverage, performance was mixed as three indices closed in green while two indices closed in red.
Performance for the Industrial Goods index indicates that it led the gainers with 3.2%, followed by the Banking and Insurance indices which gained 0.8% and 0.2% respectively. The gains were attributed to buyers’ interests in BUACEMENT (+8.7%), UNITYBNK (+7.3%), and CORNERST (+8.0%) respectively.
On the other hand, the Oil and Gas and Consumer Goods indices declined by 2.4% and 0.1% respectively which were majorly attributed to investors’ selloffs in CADBURY (-6.9%) and SEPLAT (-4.0%).
Quick Insight
Source: BRIU
For the fiscal year ended December 31, 2021, May and Baker Nigeria Plc, one of Nigeria’s leading drug manufacturer recorded a gross profit of ₦4.7 billion year-on-year against the ₦3.8 billion recorded for its full year 2020.
This represents a 24% increase in gross profit. The company attributed the increase to the country’s accelerating inflation.
Daily Currency Update
On daily currency updates, I&E and the parallel market’s prices closed at ₦439.17/US$1.00 and ₦740/US$1.00 respectively. The current P2P Forex market price is ₦735.75/US$1.00. Nigeria’s external reserves is currently US$38.09bn.
