March 1, 2021

By Paschal IJEH InvestAdvocate

Lagos (INVESTADVOCATE)-Trading in the domestic equities market started the week and month on a bullish note, as bargain buying in the shares of Africa’s global bank, United Bank for Africa Plc (UBA), Zenith Bank Plc and cement producer, BUA Cement Plc; all gaining +2.5 percent, +1.4 percent and 3.8 percent respectively to drive the all-share index (ASI) to a 0.3 percent gain  to 39,931.63 points.

“Consequently, the Month-to-Date return settled at +0.3 percent, while the Year-to-Date loss moderated to -0.8 percent respectively, ” according to Cordros market report.

Cordros reports the total volume of trades increased by 7.3 percent to 543.99 million units, valued at N1.89 billion, and exchanged in 4,673 deals.

Mid tier lender, Wema Bank Plc was the most traded stock by volume at 369.68 million units, while Zenith Bank Plc was the most traded stock by value at N529.07 million.

Analysing by sectors, the report says the Industrial Goods and Banking indices with a rise of +1.5 percent and +0.3 percent recorded gains, while the Insurance, Consumer Goods and Oil & Gas indices closed in red, recording -1.1 percent, -0.5 percent and -0.1% percent respectively.

According to Cordros, as measured by market breadth, market sentiment was negative (0.4x), as 28 tickers declined, relative to 12 gainers. Salt refining company, NASCON Allied Industries Plc and brewer, Champion Breweries Plc lost -10 percent and 9.9 percent to record the largest losses of the day, while UAC of Nigeria Plc  with a rise +6.7 percent and AIICO Insurance Plc with a gain of +5.2 percent topped the gainers’ list.

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