The equities market of the Nigerian Exchange Limited (NGX) on Monday commenced the week on a positive note with a gain of N536 billion as investors repositioned by buying Dangote Cement Plc and 44 others.
The NGX All-Share Index (ASI) gained 975.13 basis points or 1.45 per cent to close at 68,111.71 basis points.
Demand for industrial heavyweight, Dangote Cement gained 5.77per cent alongside Zenith Bank which added 0.60per cent and Stanbic IBTC rose by 9.23per cent bolstering the market’s strong performance, outweighing losses in MTN Nigeria Communication dropped by 0.20per cent, and Fidelity Bank Plc that depreciated by 0.61per cent.
Keeping the market in the green. As a result, the year-to-date (YTD) return rose to 32.90 per cent, with the market capitalisation increasing by N535.74 billion to close at N37.42 trillion.
As measured by market breadth, market sentiment was positive, as 45 stocks gained relative to 16 losers. Northern Nigeria Flour Mills (NNFM) emerged as the highest price gainer of 10 percent to close at N18.15, per share. Chellaram followed with a gain of 9.77 percent to close at NN3.82, while UAC of Nigeria (UACN) advanced by 9.54 percent to close at N14.35 per share.
NAHCO increased by 9.45 percent to close at N26.05, while The Initiates Plc (TIP) added 9.43 percent to close at N1.16.
On the other side, Meyer Plc led others on the losers’ chart with 9.87 percent to close at N2.74, per share.
Abbey Mortgage Bank followed with a decline of 9.71 percent to close at N1.86, while Regency Alliance Insurance shed 8.33 percent to close at 33 kobo per share.
R.T. Briscoe Nigeria lost 6.00 percent to close at 47 Kobo, while Jaiz Bank depreciated by 5.95 percent to close at N1.58, per share.
The total volume of trades increased by 89.55 percent to 430.393 million units, valued at N8.258 billion, and exchanged in 7,656 deals. Transactions in shares of Universal Insurance led the activity with 94.753 million shares worth N23.105 million. United Bank for Africa (UBA) followed with an account of 51.263 million shares valued at N1.003 billion, while Custodian Investment traded 33.245 million shares valued at N242.014 million.
Transnational Corporation (Transcorp) traded 32.477 million shares worth N200.850 million, while Zenith Bank traded 24.421 million shares worth N818.460 million.
This week, analysts at United Capital Plc said, “We expect mixed investors’ sentiments in the equities market to persist as corporates continue to release earnings.”
Comments are closed.