Stock Market Opens Week On Bright Note, Gains 0.32%

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After a disappointing previous trading week, Nigerian stock market resumed the new week, yesterday on the bright side with a gain of 0.32 per cent.

In summary, lead indicator, NSE-ASI gained 90.13 absolute points, representing a growth of 0.32 per cent to close at 27,925.35 points. Similarly, the market capitalization rose by N31 billion to close at N9.592 trillion.

The upturn was heightened by value appreciation recorded by a number of large capitalised stocks, amongst are, Guaranty Trust Bank, Zenith Bank, Seplat and Nigerian Breweries.

Analysts at United Capital said, “This week, we expect investors to assume a cautious stance, with third quarter earnings season on the horizon. This should see the ASI trade within a tight range, with the bears likely to edge proceedings.”

Market breadth was negative, with 17 gainers versus 24 losers. Caverton recorded the highest price gain of 8.96 per cent, to close at 73 kob per share. Union Bank gained 5 per cent to close at N5.04, while Wapco appreciated  by 3.81 per cent to close at N49 per share.

AG Leventis went up by 3.33 per cent to close at 93 kobo, while Transnational Express appreciated by 2.94 per cent  to close at N1.05 per share.

On the other hand, Guinness led the losers’ chart by 9.75 per cent, to close at N79.83 per share. Diamond Bank shed 5.51 per cent to close at N1.20, while CCNN declined by 5 per cent to close at N5.70  per share.

African Prudential depreciated by 4.95 per cent to close at N2.69 and Vitafoam declined by 4.68 per cent each to close at N2.65 per share.

Meanwhile, the total volume traded went down by 14.51 per cent to 171.46 million shares, valued at N1.73 billion, and traded in 3,045 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 17.82 million shares valued at N402.18 million. Guaranty Trust Bank followed with 27.77 million shares worth N662.45 million, while FCMB traded 16.73 million shares valued at N19.5 million.

United Capital traded 14.74 million shares worth N37.18 million, while FBN Holdings sold 14.49 million shared valued N45.1 million.

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