Category: Equities

The Investments and Securities Bill has been described as capable of transforming the capital market, encourage the influx of foreign investors as well as boost investors’ confidence among others.

Chairman of the House Committee on Capital Markets and Institutions, Hon. Babangida Ibrahim stated this during an interview weekend while commenting on the recent passage of the Bill by the House of Representatives.

Ibrahim said the ISA Bill seeks to repeal the existing Investments and Securities Act 2007 and to establish a new market infrastructure and wide ranging system of regulation of investments and securities businesses in Nigeria especially in the areas of derivatives, systematic risk management, financial market infrastructure and Ponzi scheme and platforms.

Other areas the bill addresses are alternative trading systems, inclusion of National Pensions Commission as part of the board of the Securities and Exchange Commission, deletion of the provisions on merger control in the current Act and amendment of the criteria of borrowing by sub nationals and strengthening and enforcement powers of the Securities and Exchange Commission in line with the requirement of the International Organisation of Securities Commissions, IOSCO.

“We owe a duty to Nigerians and Nigeria to make sure that things work well. In the financial market we have the money market and the capital market. With the challenges facing the money market, the only option left is the capital market. What we tried to do is to build investors’ confidence and ensure that investors are comfortable. At the same time, we realised that there are areas like derivatives, commodities exchanges, Ponzi schemes and the rest of them that are new developments in the capital market. We feel it’s very important for us to provide regulations for these new developments.

“We also emphasized borrowing by sub nationals, in the past you hardly see state governments and local governments coming into the capital market to borrow. We introduced a lot of new provisions and also made provisions relating to financial market infrastructures. Also the board of the SEC was expanded to include the Pension Commission. The existing Act needed a total overhaul because of passage of time and developments in the capital market,” Ibrahim said.

He said the Bill is also to determine the type of trainings required of an operator to perform professional functions in the capital market and also provide certification for persons deemed to have met the qualifications standards.

Ibrahim stated that the House of Representatives and indeed the Committee on capital market are committed to ensuring that the Securities and Exchange Commission delivers on its core mandate of due registration of the players in the capital market, market integrity to avoid systemic risk, guarantee inspection, investigation of breaches, due surveillance, market development and law enforcement and rules making.

“The Act will achieve transformation of the market, from manual to automation, from manual to multiple securities exchanges, influx of foreign professionals into the country and also need to harmonise standards. The bill will also achieve expansion of products range in the market, equities, bonds, sukuk, derivatives and an advent of electronic share issuance.”

“This Committee is indeed proud of this bill as they seek to ensure a more robust, vibrant, prosperous and more developed capital market and also to ensure that the capital market is well institutionalised and accountable.

“We hope the resources of Nigerians in the capital market will remain safe, accountable and prosperous. The capital market is a veritable tool for wealth creation and we will ensure this is true for Nigerians. If there was any time we need to rally for the economic good of Nigeria it is now and this is the time,” Ibrahim said.

On the issue of Ponzi schemes, he said the House has ensured that there is enough deterrent in the bill including cash penalty, conviction as well as a combination of both cash penalty and conviction.

 “It depends on the nature and gravity of the offense but we try as much as possible that its serves as a deterrence to anyone that wants to do any manipulation in the capital market. We have provided enough regulation in this bill that will take care of many of these issues.

“I want to see a vibrant capital market that is efficient and one that can boost investors’ confidence and where the processes are simple. One of the major challenges and complaints by investors is the issue of dividend claims.

“This act will ensure the streamlining of data base of investors and also look at the aspect of registrars. This Act has looked at the various issues and ensures it aligns with the global trend. We want a capital market that anyone can come in freely, invest and get the benefit of his investments. We have to put our hands on deck to ensure that the capital market functions efficiently, we need to ensure we boost investors’ confidence and ensure that we are as transparent as possible,” Ibrahim said.

Also commenting on the passage of the Bill by the house, Executive Commissioner Legal and Enforcement, SEC, Mr. Reginald Karawusa, commended the National Assembly on its efforts at ensuring a vibrant capital market that would aid economic development.

Karawusa stated that the Bill introduced the appropriate framework for regulation of Commodities Exchanges and trading of Warehouse Receipts to strengthen the commodities market ecosystem with a view to diversifying the Nigerian economy away from a mono-product economy.

Nigerian equities continued on their year-end bullish run yesterday as increased bargain-hunting left investors with net capital gain of N124 billion.

Benchmark indices at the Nigerian Exchange (NGX) indicated average gain of 0.46 per cent, equivalent to net capital gain of N124 billion. This nudged the average year-to-date return for Nigerian equities to 16.84 per cent.

Nigerian investors had netted about N213 billion in capital gains last week as equities rode above the festive season’s demand for cash to sustain an all-week upswing.

As the market reopened yesterday after the two-day public holiday; investors opened up market orders to attract deals, spurring the bulls for a new positive closing.

With nearly five advancers to every decliner, the benchmark index inched closer to the psychological 50,000 points.     

The All Share Index (ASI)- the common, value-based index that tracks all share prices at the NGX, rose by 228.51 points or 0.46 per cent to close at 49,934.60 points as against its opening index of 49,706.09 points. Aggregate market value of all quoted equities rose correspondingly from its opening value of N27.074 trillion to close at N27.198 trillion.

The positive overall market position was driven by widespread buy sentiments, especially within the large and mid-cap stocks such as Nestle Nigeria, Geregu Power, Presco, Guaranty Trust Holding Company (GTCO) and Dangote Sugar Refinery.

There were 27 gainers against six losers. Champion Breweries and Cornerstone Insurance recorded the highest price gain of 10 per cent each to close at N5.17 and 55 kobo respectively. Geregu Power followed with a gain of 9.96 per cent to close at N127 per share. Wema Bank rose by 9.94 per cent to close at N3.54 while Thomas Wyatt Nigeria appreciated by 9.88 per cent to close at 89 kobo per share.

On the negative side, RT Briscoe Nigeria led the losers’ chart with a drop of 7.41 per cent to close at 25 kobo per share. McNichols declined by 3.70 per cent to close at 52 kobo. FTN Cocoa Processors depreciated by 3.45 per cent to close at 28 kobo per share. Wapic Insurance declined by 2.44 per cent to close at 40 kobo while Sterling Bank depreciated by 1.42 per cent to close at N1.39 per share.

The momentum of activities also improved significantly as turnover volume jumped by 255.30 per cent to 498.728 million shares valued at N3.885 billion in 3,989 deals. Veritas Kapital Assurance led the activity chart with 348.545 million shares valued at N69.709 million. Access Holdings followed with 28.933 million shares worth N248.248 million. GTCO placed third with 25.745 million shares valued at N587.592 million. Geregu Power recorded 8.684 million shares valued at N1.025 billion while AIICO Insurance recorded 8.289 million shares worth N4.618 million.

Analysts at United Capital Plc said they expected the bullish sentiments to continue as portfolio rebalancing continues as investors round off for the year.

“The market holds its bullish trend for the 10th consecutive bullish session on strong momentum. Still, a subsequent test of the 50,000 psychological resistance level is definitely on the cards. If broken, the principle of polarity would take effect and create a new support. Conversely, a close below the 49,499.43 may lead to reversal.

“Investors should pay close attention to global indicators as well as trends under the current global situation.

“We would like to reiterate that investors should go for stocks with good fundamentals with regards to their portfolio,” analysts at Arthur Stevens Asset Management stated. 

Polaris Bank will hold the third draw of its ongoing ‘Save & Win’ campaign today where another set of 100 Nigerians will be rewarded with cash prize of N100,000 each.

The draw, which will be conducted electronically, will hold at the bank’s Victoria Island, Lagos headquarters, and will be broadcast live on the bank’s social media channels where winners that emerged will be contacted and rewarded instantly.

The bank has rewarded a total of 162 winners in the first and second draws in a selection witnessed by the relevant regulatory authorities.

According to Polaris Bank, customers can still participate in, or increase their chances of winning by depositing a minimum of N5,000 in their savings account. Also, non-customers of the bank can participate for a chance to win in the draw by opening a Polaris savings account with N2,000 and growing same to N5,000 before the draw date.

Representatives of the relevant lottery commissions, advertising regulatory and consumer protection agencies would be present at the draw to monitor and ensure transparency in the process.

Polaris Bank had announced that this year’s ‘Save & Win’ promo will reward over 4,000 Nigerians with cash gifts ranging from N100,000 to N1,000,000 in its monthly, quarterly and special draws.

According to the bank, there are four easy steps to participate in campaign including opening of Polaris Savings Account through any of the bank’s digital channels, increasing account by N5,000 or more for 30 days or three months to qualify for monthly and quarterly draws respectively or to increase by N50,000 in three months to qualify for Xmas special draw, reactivate dormant account online and update required details the bank may need.

•Stocks expected to fall back toward 2022 lows in first half

•High inflation, recession, profit contraction are main risks

Investors ready to turn the page on the worst year for equities since the global financial crisis should brace for more pain heading into 2023.

That’s the blunt message from top strategists at Morgan Stanley, Goldman Sachs Group Inc and others, who are warning that stocks face fresh declines in the first half as corporate earnings succumb to weaker economic growth and still sky-high inflation, and central banks remain staunchly hawkish.

Oil prices rose by $2 per barrel last Friday after Moscow said it could cut crude output in response to the G7 price cap on Russian exports, putting the market on track for a second week of gains.

Brent crude was up by $2.22, or 2.7 per cent, to $83.20 a barrel, while U.S. West Texas Intermediate (WTI) crude was at $79.43 a barrel, up $1.93, or 2.49 per cent.

Russia may cut oil output by five per cent to seven per cent in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying last Friday.

Russia’s Baltic oil exports could fall by 20 per cent in December from the previous month after the European Union and G7 nations imposed sanctions and a price cap on Russian crude from Dec. 5, according to traders and Reuters calculations.

A massive winter storm was cascading across a broad swath of the United States, forcing thousands of flight cancellations, confounding travelers’ plans during what was expected to be a busy holiday season.

“Crude prices are higher as energy traders focus on Moscow’s response to the price cap put on Russian oil and not so much the thousands of flight cancellations that will disrupt holiday travel,” OANDA analyst Edward Moya said.

Last Thursday, benchmark oil prices fell as flights were scrapped. The storm could also upend motorists’ plans to travel during Christmas and New Year’s, but heating oil demand could rise due to the extreme weather.

“As U.S. crude oil inventories fall and winter storms hit the U.S., cold temperatures are expected to extend southward to Texas, Florida, and the Eastern states. Demand for heating oil will soar,” Leon Li, an analyst at CMC Markets, said.

By Sagarika Jaisinghani and John Cheng, Bloomberg

Trillions of dollars wiped off world stocks, bond market tantrums, whip-sawing currency and commodities and the collapse of a few crypto empires – 2022 has been perhaps the most turbulent year investors have ever seen, and for good reason.

Tallying the final numbers is useful but doesn’t even come close to telling the whole story.

Yes, global equities are down $14 trillion and heading for their second worst year on record, but there have been nearly 300 interest rate hikes and a trio of 10 per cent-plus rallies in that time making the volatility freakish.

The main drivers have been the war in Ukraine, combined with rampant inflation as global economies broke out of the pandemic, but China remained shackled by it.

U.S. Treasuries and German bonds, the benchmarks of global borrowing markets and traditional go-to assets in troubled times, lost 16 per cent and 24 per cent respectively in dollar terms.

DoubleLine Capital’s Jeffery Gundlach, dubbed the ‘Bond King’ in the markets, said conditions got so ugly at points that his team found it almost impossible to trade for days at a time.

“There has been a buyer’s strike, and understandably so because prices have just been going down until recently,” Gundlach said.

Drama kicked in as soon as it became clear that COVID was not going to shutter the global economy again and the world’s most influential central bank, the U.S. Federal Reserve, was serious about raising interest rates.

Ten-year Treasury yields jumped to 1.8 per cent from less than 1.5 per cent, knocking 5,0 per cent off MSCI’s world stocks index in January alone.

That yield is now at 3.68 per cent, stocks are down 20 per cent while oil prices surged 80 per cent before giving it all up. The Fed has delivered 400 basis points (bps) of hikes and the European Central Bank a record 250bps, despite saying this time last year it was unlikely to budge.

In emerging markets, Turkey’s inflation and monetary policy problems have cost the lira another 28 per cent, but its stock market is the best performer in the world.

Hard-pressed Egypt devalued its currency more than 36 per cent. Ghana’s cedi crashed 60 per cent as it has joined Sri Lanka in default. Despite being well down from its June highs, Russia’s rouble is still the world’s second-best performing currency supported by Moscow’s capital controls. It was initially smashed after the invasion of Ukraine.

“If you ask me what will happen next year I really couldn’t tell you,” said Close Brothers Asset Management’s Chief Investment Officer Robert Alster, who, like many, also pointed to the pummeling the pound and British bond markets took when the short-lived government of Liz Truss flirted with an unfunded spending splurge.

Ten-year gilt yields soared over 100 bps and the pound lost 9.0 per cent in a matter of days – moves the scale of which are rare in major markets.

“If you sell it wrong, don’t be surprised if it goes down like a cup of cold sick,” said veteran CMC Markets’ analyst Michael Hewson.

The surge in rates has also taken $3.6 trillion off the tech titans. Facebook and Tesla have both hemorrhaged more than 60 per cent while Alphabet’s Google and Amazon are respectively down 40 per cent and 50 per cent.

Chinese stocks have staged a late rally thanks to signs that its zero-COVID policy’s days are numbered but they are still down 25 per cent and emerging market ‘hard currency’ government debt will notch its first ever back-to-back loss.

Initial public offerings and bond sales have also slumped almost everywhere apart from the Middle East, while commodities have been the best performing asset class for a second consecutive year.

Natural gas’ more than 50 per cent rise is the best overall in that group, albeit largely due to the war in Ukraine which had hoisted prices 140 per cent at one point.

Mounting recession worries along with the West’s plan to stop buying Russian oil mean Brent has given back the entire 80 per cent it made in the first quarter, as have wheat and corn.

The cryptomarket has been even more chaotic. Bitcoin ends 2022 robbed of its cocktail of cheap money and leveraged bets.

The pre-eminent cryptocurrency has lost 60 per cent of its value, while the wider crypto market has shrunk by $1.4 trillion, squashed by the collapse of Sam Bankman-Fried’s FTX empire, Celsius and supposed ‘stablecoins’ terraUSD and Luna.

“What has gone in global markets this year has been traumatic,” said EFG Bank Chief Economist and ex-Deputy Governor of Ireland’s central bank, Stefan Gerlach.

“But if central banks hadn’t underestimated the rise in inflation so dramatically and had to jack up interest rates, it wouldn’t have been so catastrophic”.

• Marc Jones, Reuters

Ellah Lakes Plc has launched a multi-instrument capital restructuring plan with a view to strengthen the balance sheet of the agricultural company.

The company plans to raise N2.9 billion in new equity capital and convert existing debts into equities. The capital restructuring came on the heels of recent losses by the company and it is a major plank of new growth agenda by the board of the agricultural company.

Shareholders have authorised the board of the company to raise capital of N2.9 billion or such other amount as they may determine by way of a rights issue of ordinary shares to existing shareholders.

In the event of any shortfall from the N2.9 billion rights issue, shareholders also mandated the board to raise the shortfall through private placement, or any other equity issuance.

The board of company has also been authorised to apply any convertible loan, shareholder loan or any other moneys due to any person, from the company, as may be agreed by the person and the company, towards payment for any shares or rights subscribed for in the rights issue or other equity issue.

As part of the restructuring, the company was authorised to enter into a related party transaction with CBO Capital Partners Limited for the conversion of its loan to equity, subject to any disclosure requirements stipulated by the Nigerian Exchange’s Rules Governing Transactions with Related Parties or Interested Persons.

Shareholders have also approved an employee equity incentive scheme under which the board of the company could issue shares to qualifying employees, subject to the applicable regulatory approval.

In order to create headroom for the new capital raising, the authorised share capital of the company was increased from N1 billion to N1.5 billion through creation of 1.0 billion additional ordinary shares of 50 kobo each.

The new shares to be issued by the company pursuant to the rights issue and other equity issue will all be listed on the Nigerian Exchange.

Key extracts of the audited report and accounts of Ellah Lakes for the year ended July 31, 2021 released at the weekend showed that pre-tax loss increased from N308.30 million in 2020 to N567.79 million in 2021. After taxes, net loss increased from N309.37 million in 2020 to N563.28 million in 2021. Meanwhile, the company’s total assets rose from N5.63 billion in 2020 to N10.08 billion in 2021.

Ellah Lakes recently reached agreement to build a 600-tons sugar refinery as part of its diversification plan.

Ellah Lakes stated that it was collaborating with Montserrado Investment Ltd to build a sugar processing plant with a capacity of 600 tons of cane per day.

The sugar processing facility is expected to run on 100 per cent renewable power, and the period from construction to completion and commissioning, is expected to be 24 months.

Chief Executive Officer, Ellah Lakes Plc, Chuka Mordi said the agreement was a significant landmark for the company in fulfilling its strategic objective of diversifying its portfolio and production base.

“We are very pleased at this collaboration and look forward to a mutually beneficial, valuable and fruitful venture,” Mordi said.

He noted that the new sugar plant aligns with the National Sugar Master Plan (NSMP) being championed by the National Sugar Development Council (NSDC), which is geared towards accelerating the development and growth of the local sugar industry to achieve national self-sufficiency.

Ellah Lakes had earlier reached agreement with Ondo State on the development of a palm oil and cassava farm, covering about 5,000 hectares. Both partners would jointly develop and manage the farm for the cultivation of oil palm and cassava in Ondo state.

Ellah Lakes had in August 2020 entered into exclusive discussions to acquire the entire issued capital of an oil palm processing company with substantial assets in Delta State.

DataPro, a technology-driven credit rating agency, has in its latest report assigned LivingTrust Mortgage Bank Plc long-term rating of “BBB+” with a stable outlook for the year 2021-2022.

The BBB+ indicates slight risk. It shows fair financial strength, operating performance and business profile when compared to the standard established by DataPro.

“This company, in our opinion, has the ability to meet its ongoing obligations, but its financial strength is vulnerable to adverse changes in economic conditions,” DataPro stated.

The DataPro Rating Committee approved the rating after assessment of the company’s financial performance, capital adequacy, asset quality, liquidity, profitability, corporate governance and risk management as well as risk factors of its current healthy profile in the medium to long-term period.

The reported noted that LivingTrust Mortgage Bank recorded significant growths in all its key financial indicators in the year 2021, due to its ability to draw funding for its operation through the combination of deposit mobilization and on-lending facilities.

“Consequently, the bank was able to grow its total assets, loans and advances and equity by 81 per cent, 93 per cent and 16 per cent respectively. These growths influenced increase in gross earnings and profit before tax during the year under review,” the report stated.

The rating agency added that the rating of LivingTrust Mortgage Bank is supported by the bank’s liquidity position, good profitability and asset quality.

“LivingTrust Mortgage Bank Plc had a short-term rating of “A2” which indicates fair credit quality and adequate capacity for timely payment of financial commitments,” DataPro stated.

It noted that the rating carries a maximum shelf life of 12 calendar months, in line with international best practice, warning the rating is however not an offer to trade in securities nor a substitute for the user’s judgement.

Nigerian equities pushed close to the psychological 50,000 index mark yesterday as bargain-hunters sustained the eight-day rally that had seen several share prices on the upside.

The All Share Index (ASI)- the value-based common index that tracks all share prices at the Nigerian Exchange (NGX), rose by 0.05 per cent from its opening index of 49,475.43 points to close at 49,499.43 points. This nudged the average year-to-date return to 15.9 per cent.

Aggregate market value of all quoted equities also rose from its opening value of N26.945 trillion to  close at N26.961 trillion, representing an increase of N13 billion.

With more gainers than losers, the positive overall market position was driven by widespread buy sentiments across the sectors, especially within mid and large-cap stocks such as Julius Berger Nigeria, Ardova Plc, Stanbic IBTC Holdings and FBN Holdings (FBNH).

There were 17 gainers to 14 losers. Julius Berger Nigeria recorded the highest gain of 9.91 per cent to close at N23.30 per share. Champion Breweries followed with a gain of 9.30 per cent to close at N4.70. Ardova Plc rose by 9.20 per cent to close at N19. Thomas Wyatt Nigeria rallied 8.82 per cent to close at 74 kobo while Japaul Gold & Ventures appreciated by 7.69 per cent to close at 28 kobo per share.

On the negative side, UPDC Real Estate Investment Trust led the losers’ chart by 6.45 per cent to close at N2.90 per share. Lasaco Assurance followed with a decline of 5.56 per cent to close at 85 kobo. University Press depreciated by 5.26 per cent to close at N1.80. Coronation Insurance declined by 5.0 per cent to close at 38 kobo while Jaiz Bank dropped 2.35 per cent to close at 83 kobo per share.

The momentum of activities however slowed down with turnover dropping by 67.76 per cent to 132.571 million shares valued at N3.144 billion in 2,999 deals. FBNH topped the activity chart with 29.101 million shares valued at N331.220 million. Sterling Bank followed with 18.387 million shares worth N25.019 million. Nigerian Breweries traded 10.503 million shares valued at N394.985 million. Guaranty Trust Holding Company (GTCO) traded 6.642 million shares valued at N147.040 million while Fidelity Bank transacted 5.425 million shares worth N24.144 million.

“The market holds its bullish trend for the 8th consecutive bullish session with momentum petering out. This is a continuation of the market bullish trend although not on strong momentum. Still, a subsequent test of the 50,000 psychological resistance level is on the cards. Conversely, a close below 49,416.18 may lead to a reversal.

“Investors should pay close attention to global indicators as well as trends under the current global situation.

“We would like to reiterate that investors should go for stocks with good fundamentals with regards to their portfolio,” Arthur Steven Asset Management stated. 

•Rand Merchant Bank lists N2.4b CPs

The market value of commercial papers on the FMDQ Securities Exchange has risen to N3.25 trillion as companies continue to adopt short-term securities to bridge their cash flows.

FMDQ Exchange stated that the market value of the commercial papers (CPs) market underlined increasing recourse by companies to explore alternative financing options by tapping the debt capital market to plug capital shortfalls.

FMDQ Exchange noted that the CPs market has supported companies to ensure sustained business operations in the current challenging economic environment.

“As part of its efforts towards unlocking the potential of the Nigerian economy, FMDQ Exchange shall continue to support institutional growth and stimulate continuous development of the economy at large, through the provision of a world-class securities admission service, in line with its mandate.

“The Exchange will continue to demonstrate commitment towards delivering a globally competitive, operationally excellent, liquid and diverse (GOLD) standard to the Nigerian debt capital market, availing issuers and investors the much-needed global visibility, confidence and protection in the markets,” FMDQ Exchange stated.

FMDQ Exchange, in its latest listing, admitted N2.4 billion CPs by Rand Merchant Bank Nigeria Limited. These included the N0.55 billion Series 3 and N1.81 billion Series 4 CPs, which were issued under the bank’s N80 billion CP issuance programme.

The net proceeds from the quoted CPs, would be utilised by the bank to support its short-term working capital and funding requirements.

Rand Merchant Bank Nigeria is a corporate and investment banking firm, which provides innovative advisory services on infrastructure projects, mergers and acquisitions, as well as the funding of various transactions across multiple sectors.

Nigerian equities continued on the upswing yesterday as investors sought to take advantage of bargains in mid and large-cap stocks.

Benchmark indices at the Nigerian Exchange (NGX) showed average gain of 0.20 per cent, equivalent to net capital gains of N54 billion.

The All Share Index (ASI)- the common value-based index that tracks all share prices at the NGX, rose from its opening index of 49,316.29 points to close at 49,414.96 points.

Aggregate market value of all quoted equities increased correspondingly by N54 billion from its opening value of N26.861 trillion to close at N26.915 trillion.

With 14 gainers to 10 losers, the positive market position was driven by widespread buy sentiments across several sectors. Thomas Wyatt Nigeria recorded the highest price gain of 8.77 per cent to close at 62 kobo per share. International Breweries followed with a gain 5.81 per cent to close at N4.55. Pharma-Deko rose by 5.0 per cent to close at N2.10 per share. LivingTrust Mortgage Bank went up by 4.90 per cent to close at N1.50 while Caverton Offshore Support Group  appreciated by 3.45 per cent to close at 90 kobo per share.

Read Also: Equities sustain rally amid profit-taking

On the negative side, PZ Cussons Nigeria led the losers’ chart by 7.26 per cent to close at N11.50 per share. Chams followed with a decline of 4.35 per cent to close at 22 kobo. UPDC Real Estate Investment Trust (UPDCREIT) went down by 3.33 to close at N2.90 per share. FTN Cocoa processors lost 3.23 per cent to close at 30 kobo while Africa prudential shed 2.73 per cent to close at N5.35 per share.

Turnover stood at 76.749 million shares valued at N1.326 billion in 3,262 deals. Transactions in the shares of GTCO topped the activity chart with 16.606 million shares valued at N352.214 million. United Bank for Africa (UBA) followed with 7.589 million shares worth N55.944 million. Chams traded 4.152 million shares valued at N914,632. Consolidated Hallmark Insurance  traded four million shares valued at N2.440 million while Zenith Bank transacted 3.776 million shares worth N90.676 million.

“The market holds its bullish trend for the fifth consecutive bullish session. We expect a high probability of continued bullish directional bias, as the trend is unlikely to be bucked. Conversely, a close below 49,233.02 may lead to a reversal.

“Investors should pay close attention to global indicators as well as trends under the current global situation. We would like to reiterate that investors should go for stocks with good fundamentals with regards to their portfolio,” analysts at Arthur Steven Asset Management stated.