Home Finance United Capital Plc launches N150bn infrastructure Fund as stock market sustains rally

United Capital Plc launches N150bn infrastructure Fund as stock market sustains rally

by Business News Report

United Capital Plc said it has launched the United Capital Infrastructure Fund, a Naira-denominated fund established to provide long term financing for the delivery of critical infrastructure which would bridge the infrastructure deficits in Nigeria and sub-Saharan Africa. The fund has been duly registered by the Securities and Exchange Commission as a close ended fund with a ₦150.0 billion issuance program.

Meanwhile, the stock market extended its bullish dominance from the previous week on the back of buying interest in AIRTELAF (+1.3%), FBNH (+2.5%), and UNILEVER (+6.9%) as the All-Share index rose 0.1% to 41,814.74 points. Likewise, market capitalisation gained ₦26.9bn to ₦21.8tn while YTD return improved to 3.8%. Trading activity advanced as volume and value traded rose 32.2% and 29.4% respectively to 674.5m units and ₦7.6bn. The most traded stocks by volume were FBNH (350.5m units), ETI (45.6m units), and UNIVINSURE (33.9m units) while FBNH (₦4.3bn), GTCO (₦614.4m), and ETI (₦347.8m) led by value.

Performance across sectors within our coverage was bullish as 4 indices gained while 2 indices lost. The Insurance and AFR-ICT indices gained 1.9% and 0.6% respectively due to buying interest in MANSARD (+6.5%), MBENEFIT (+7.1%), and AIRTELAF (+1.3%). Trailing, the Oil & Gas and Consumer Goods indices rose 0.4% apiece as a result of price appreciation in OANDO (+1.0%), TOTAL (+1.3%), UNILEVER (+6.9%), and PZ (+9.3%). On the flip side, the Banking and Industrial Goods indices declined 0.2% and 0.1% respectively due to sell-offs in STANBIC (-4.9%), ZENITH (-0.4%), and WAPCO (-1.2%).

Investor sentiment, as measured by market breadth (advance/decline ratio), strengthened to 1.4x from 1.2x as 28 stocks advanced against 20 declining stocks. PZ (+9.3%), MBENEFIT (+7.1%), and UNILEVER (+6.9%) led gainers while ABBEYBDS (-9.5%), PRESTIGE (-8.5%), and REGALINS (-7.3%) led the laggards. In the next trading session, we expect the local bourse to sustain its bullish momentum in expectation of 9M:2021 earnings releases.

Market Statistics for Monday, 25th October 2021

Market Cap (N’bn)21,821.3
Market Cap (US$’bn)53.1
NSE All-Share Index41,814.74
Daily Performance %0.1
WTD Performance %0.1
MTD Performance %4.0
QTD Performance %4.0
YTD Performance %3.8
Daily Volume (Million)674.5
Daily Value (N’bn)7.6
Daily Value (US$’m)18.5

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