Company Income Tax

Corporate Performance Gains N339 Billion, Lifting The Index

The market capitalization increased by N339 billion as a result of yesterday’s higher company performance, as investors continue to shift their portfolios toward dividend-paying stocks in preparation for the 2023 half-year earning season.

The all-share index (ASI) increased by 618.68 points, or 0.93 percent, to settle at 67,378.88 points yesterday as trading came to an end. Market capitalization consequently increased by N339 billion to settle at N36.877 trillion.

Gains in equities with medium and large market capitalization, including Dangote Sugar Refinery, NASCON Allied Industries, Transcorp Hotels, Nigerian Aviation Handling Company (NAHCO), and Guaranty Trust Holding Company (GTCO), had an impact on the recovery.

Afrinvest analysts responded to market activity by stating that they anticipate strong performance on the local bourse as investors look for deals amid improving confidence.

Futureview stated that “We expect the bullish sentiment to continue in the upcoming session as the market continues to look profitable to domestic investors even with some negative catalysts.

Market sentiment was upbeat as evidenced by the market breadth indicator, with 34 equities rising relative to 23 declining ones. The largest price increases were recorded by Dangote Sugar Refinery, NASCON Allied Industries, NAHCO, and United Capital, which closed at N57.20, N51.7, N23.65, and N16.59, respectively.

Following Transnational Corporations (Transcorp), which increased by 9.98% to close at N6.61 kobo, was CWG, which increased by 9.96% to close at N7.62 kobo.

Jaiz Bank increased 9.87% to finish at N1.67 kobo. In order to close at N15.15 kobo, United Bank for Africa increased by 9.78 kobo.

Accesscorp decreased 9.77% to finish at N16.85 kobo. Oando also increased by 9.73% to finish at N10.15 kobo.

On the other hand, Courteville Business Solutions, which closed at 54 kobo, led the losers’ chart by 10%. Tantalizers fell by 9.30% to settle at 39 kobo, followed by Associated Bus Company, which fell by 9.80% to close at 92 kobo.

Omatek Ventures, Regency Alliance Insurance, and Royal Exchange all experienced declines of 8.33 percent to close at 44 kobo, 33 kobo, and 55 kobo, respectively, while Learn Africa lost 8.51 percent of its value to close at N3.01.

Omatek lost 8.33% to finish at 44 kobo. To close at 33 kobo, Regency Alliance Insurance lost 8.33 kobo. Royal Exchange insurance dropped 8.38% to finish the day at 55 kobo.

To close at N2.35 kobo, Cutix lost 8.24 kobo. To close at N1.82 kobo, NPF Microfinance Bank had a drop of 8.08 percent.

With 8,404 transactions, the overall amount of trade fell by 11.8% to 569.63 million units, worth N8.7 billion. Oando share transactions, totaling 143.445 million shares valued at N1.395 billion, topped the list of activities.

Following with 63.557 million shares valued at N1.071 billion, Access Holdings traded 39.553 million shares for N313.782 million, and Fidelity Bank traded 63.553 million shares.

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